Turkey-U.S. Diplomatic Row Tanking Turkey’s Economy

TURKEY ERDOGAN’S CHALLENGE
A shop owner waits for customers next to a currency exchange shop in Istanbul, Tuesday, Aug. 14, 2018.The Turkish lira has nosedived in value in the past week over concerns about Turkey's President Recep Tayyip Erdogan's economic policies and after the United States slapped sanctions on Turkey angered by the continued detention of an American pastor. Burhan Ozbilici / AP Photo
TURKEY ERDOGAN’S CHALLENGE
A shop owner waits for customers next to a currency exchange shop in Istanbul, Tuesday, Aug. 14, 2018.The Turkish lira has nosedived in value in the past week over concerns about Turkey's President Recep Tayyip Erdogan's economic policies and after the United States slapped sanctions on Turkey angered by the continued detention of an American pastor. Burhan Ozbilici / AP Photo

Turkey-U.S. Diplomatic Row Tanking Turkey’s Economy

During July’s NATO summit, President Donald Trump met with Turkish President, Recep Tayyip Erdoğan, to discuss the release of two prisoners. The day after the summit, the U.S. released Ebru Özkan, a Turkish woman who was jailed for alleged links to Hamas. Turkey claimed it would release Andrew Brunson, a preacher from North Carolina, but did not follow through on the agreement. Turkey claims Mr. Trump misunderstood the discussion. The U.S. responded by placing sanctions on Turkey. The economic fallout has been catastrophic for Turkey. Erdoğan blames the crisis on U.S. “economic terrorists,” which are waging economic “war” on his country. In response, Turkey announced today it would boycott U.S. electronics. We’ll talk about the diplomatic and economic turmoil with Yahya Madra, associate professor of economics at Drew University.