The Turkish lira plunged more than 16 percent on Friday, while tensions simultaneously escalated between Turkish President Recep Tayyip Erdogan and President Trump, The Wall Street Journal reported. Investors were already worried about Turkey's fragile economy and its future financial health, with the lira down 23 percent against the U.S. dollar in the past week. Erdogan seemingly added fuel to the fire when he made a defiant speech on Friday, saying "Turkey won't surrender to economic hitmen" and blaming an "interest rate plot" that amounted to "a military coup attempt." Trump did not take warmly to Erdogan's declaration of "economic war," announcing on Twitter that he would double tariffs on steel and aluminum. "Our relations with Turkey are not good at this time," Trump wrote.

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