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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

Broncos and 49ers the latest NFL teams impacted by coronavirus crisis

From left, Denver Broncos quarterbacks Drew Lock, Brett Rypien and Jeff Driskel during an August training session at UCHealth Training Center in Englewood, Colorado. Photo: Justin Edmonds/Getty Images

The COVID-19 pandemic has thrown the NFL season into chaos, with the Denver Broncos' quarterbacks sidelined, the San Francisco 49ers left without a home or practice ground and much of the Baltimore Ravens team unavailable, per AP.

Driving the news: The Broncos confirmed in a statement Saturday night that quarterbacks Drew Lock, Brett Rypien and Blake Bortles were identified as "high-risk COVID-19 close contacts" and will follow the NFL's mandatory five-day quarantine, making them ineligible for Sunday's game against New Orleans.

Updated 5 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: WHO: AstraZeneca vaccine must be evaluated on "more than a press release."
  2. Politics: McConnell temporarily halts in-person lunches for GOP caucus.
  3. Economy: Safety nets to disappear in DecemberAmazon hires 1,400 workers a day throughout pandemic.
  4. Education: U.S. public school enrollment drops as pandemic persists.
  5. Cities: Surge in cases forces San Francisco to impose curfew — Los Angeles County issues stay-at-home order, limits gatherings.
  6. Sports: NFL bans in-person team activities Monday, Tuesday due to COVID-19 surge — NBA announces new coronavirus protocols.
  7. World: London police arrest more than 150 during anti-lockdown protests — Thailand, Philippines sign deal with AstraZeneca for vaccine.

Tony Hsieh, longtime Zappos CEO, dies at 46

Tony Hsieh. Photo: FilmMagic/FilmMagic

Tony Hsieh, the longtime ex-chief executive of Zappos, died on Friday after being injured in a house fire, his lawyer told the Las Vegas Review-Journal. He was 46.

The big picture: Hsieh was known for his unique approach to management, and following the 2008 recession his ongoing investment and efforts to revitalize the downtown Las Vegas area.