Turkey is facing a deepening economic crisis, as the lira fell sharply in early morning trading today (August 10) and the yields on government debt rose further.
Compounding the situation, president Donald Trump doubled the tariffs applied to Turkish aluminium and steel, as a Turkish delegation failed to reach a compromise with US authorities.
The lira has fallen more than 15% against the US dollar today, as of 3pm London time, and is down 22% since August 6. The yield on 10-year government
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