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Turkish Treasury and Finance Minister Berat Albayrak speaks during a presentation to announce his economic policy in Istanbul, on August 10, 2018. Photo: Yasin Akgul/AFP via Getty Images

The lira dropped to an all-time low Friday as geopolitical tensions between NATO allies Turkey and the United States continued to escalate.

The big picture: President Trump announced via tweet that the U.S. would be raising tariffs on Turkey to 50% on steel and 20% on aluminum. Per CNBC, the tweet and the subsequent currency sell-off came after a Turkish delegation returned from the U.S. having made no progress in talks about pastor Andrew Brunson, whose detention prompted the White House to slap sanctions on high-ranking Turkish officials last week.

  • President Recep Tayyip Erdoğan urged Turkish citizens to exchange American dollars and gold into lira in a speech Friday, declaring a need to fight back against those who have "waged an economic war" against his people, per Reuters.
  • Erdoğan also said he held a phone call with Russian president Vladimir Putin, whose country has also been hit by U.S. sanctions, to "discuss economic ties," reports the AP.
  • The Turkish economy was already in a fragile state prior to the escalation of tensions, largely because of the pressure Erdoğan has exerted on the central bank to lower interest rates.
“Don’t forget, if they have their dollars, we have our people, our God. "
— Turkish President Erdoğan

Worth your time: U.S.-Turkey Relations Will Never Be the Same

Go deeper

More than a dozen injured in downtown Austin shooting

Police tape in Austin, Texas in 2018. Photo: y Carolyn Van Houten/The Washington Post via Getty Images

A shooting in a busy part of downtown Austin, Texas, early Saturday injured at least 13 people, including two who are in critical condition.

The state of play: Gunfire erupted around 1:30 a.m. along 6th Street, a popular area with bars and restaurants. The suspected shooter remains at large, Austin police said. "It is unknown if there is one, or multiple suspects involved," they noted, adding the shooting appears to be an isolated incident.

Biden to urge G7 to take unified approach to countering China

Photo: Hollie Adams/Bloomberg via Getty Images

President Biden on Saturday is expected to urge fellow G7 leaders to adopt a unified approach to countering China's rising global influence, AP reports.

Driving the news: The G7 leaders are set to unveil a multi-billion-dollar global infrastructure plan aimed at rivaling Beijing's efforts in the developing world.

Why America's post-vaccine summer is off to a slow start

Illustration: Sarah Grillo/Axios

Americans are itching to put pandemic life behind them, but many of the necessary ingredients for a summer of carefree fun — everything from neighborhood pools to car rentals — still aren't fully available.

The big picture: Labor shortages, scrambled supply chains and simple logistics are all making it harder for a whole range of businesses to meet post-pandemic demand, and that’s making “hot vax summer” a little harder to pull off.