Turkey's currency is plummeting, and Trump just doubled tariffs

Turkish lira.
(Image credit: Chris McGrath/Getty Images)

An economic power play has sent Turkey's currency into a downward spiral.

The Turkish lira plunged more than 16 percent on Friday, while tensions simultaneously escalated between Turkish President Recep Tayyip Erdogan and President Trump, The Wall Street Journal reported.

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Summer Meza, The Week US

Summer Meza has worked at The Week since 2018, serving as a staff writer, a news writer and currently the deputy editor. As a proud news generalist, she edits everything from political punditry and science news to personal finance advice and film reviews. Summer has previously written for Newsweek and the Seattle Post-Intelligencer, covering national politics, transportation and the cannabis industry.