The Turkish currency is collapsing - down 20 percent in just a week in the midst of a diplomatic spat with the United States. Last week President Trump doubled tariffs on Turkish steel and aluminium, in response to the detention of an American pastor. Today President Erdogan accused the United States of stabbing Turkey "in the back". Principal Economist at IHS Markit Andrew Birch says the Turkish economy was vulnerable well before the US tariffs were doubled, and inflation could surpass 20 percent before the end of the year.
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