Economics
Trump Uses Sanctions to Spark Painful Market Moves for Adversaries
- Lira continued tumble to record low after surprise tariffs
- Russia’s ruble had worst week since 2015 oil price crash
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President Donald Trump has pounced on weakness, using a mix of tariffs and sanctions in recent weeks to pressure economically vulnerable adversaries from Turkey to Russia.
Sanctions and tariffs imposed by the world’s largest economy are almost always consequential, but many of Trump’s most recent targets are particularly susceptible to threats or pressure from the U.S. For instance, Turkey was already in the midst of a financial crisis when the president on Friday unexpectedly announced a doubling of steel tariffs, adding to market chaos.