Analysts said growing USA political uncertainty, reinforced by the criminal convictions of two of Trump’s ex-advisors, would keep the dollar under pressure, despite the United States embarking on greater monetary tightening than elsewhere. In total, gold prices have fallen...
Investors, already anxious about Turkey’s economy, were irked by a diplomatic and trade dispute with the United States over the continued detention of an American pastor Andrew Brunson on espionage and terror-related charges.
As NPR explained in a primer on the dispute, much of the ill will shared by Turkey and the US stems not only from the back-and-forth on tariffs, but also from a diplomatic dust-up centered on two men of faith. During that time, fears of contagion roiled global markets.
President Donald Trump doubled tariffs on Turkish metals exports to the United States last week prompting Turkey, which says it will not bow to threats, to raise tariffs on USA cars, alcohol and tobacco by the same amount on Wednesday.