How a Trump tweet and an Erdogan speech shook Turkey’s economy

August 10

The Turkish lira dropped dramatically against the dollar Friday, losing more than 18 percent of its value in one day — worsening an already months-long decline for Turkey’s currency.

What caused this steep drop in the price of the lira? There are multiple factors, many of which are related to the economic policies of Turkey’s leader, Recep Tayyip Erdogan.

But on Friday, there was another distinct element that made things worse: a tweet from President Trump.