Turkey is ready to shift to trading in national currencies with Russia, China and Ukraine, said Turkish President Tayyip Erdogan.
The US President Donald Trump on Friday said he has authorized to double the tariffs on steel and aluminum products from Turkey to 50 percent and 20 percent respectively, which caused another decline of the Turkish lira to the historic low. It fell to 6.62 per dollar, losing almost 20% of its value in a day.
He repeated a long-standing plan to shift to trading in national currencies and said Turkey was preparing for such a step with Russia, China and Ukraine, Reuters reported.
“If there are dollars under your pillow, take these out... Immediately give these to the banks and convert to Turkish lira and by doing this, we fight this war of independence and the future,” he said.