Could Turkey's currency woes spread "contagion"? [CBS News]
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Source: CBS News
Although Turkey's currency rose Tuesday, the war of words with the U.S. that helped trigger the crisis continues. Turkish President Recep Tayyip Erdogan vowed that his country would boycott U.S.-made electronic goods, including iPhones. That follows President Donald Trump's threat last week to jack up tariffs on Turkish steel and aluminum imports. The Turkish lira has nosedived in value in the past week over concerns about Erdogan's economic policies and after the U.S. slapped sanctions on Turkey because of the continued detention of an American pastor . Worry about the currency crash has sparked fears over the risk of economic contagion in Europe. Here's what Americans should know. Why is Turkey's currency sliding? Turkey's lira fell sharply on Friday after U.S. President Donald Trump threatened to double tariffs in retaliation for failing to release pastor Andrew Brunson. Arrested in 2016, Brunson faces terror and espionage charges. The currency has been steadily
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