The Turkish currency has fallen to an all-time low against the U.S. dollar after President Recep Tayyip Erdogan challenged the United States to slap sanctions over his government’s decision to test its Russian-made air defense system
ANKARA, Turkey — The Turkish currency slid further Monday to an all-time low against the U.S. dollar after President Recep Tayyip Erdogan challenged the United States to slap sanctions over his government’s decision to test its Russian-made air defense system.
The lira dropped another 1.3% to 8.06 against the dollar, a day after Erdogan dared Washington to impose sanctions after the NATO-member country tested the S-400 air defense system it purchased from Russia.
The purchase has already seen Turkey kicked off the U.S. F-35 stealth fighter program.
NATO has said that the Russian system poses a threat to the military alliance and particularly endangers the technical secrets of the F-35.
For months, the U.S. warned Ankara that it risked sanctions under the Countering America’s Adversaries Through Sanctions Act if the S-400 system was activated. President Donald Trump, however, has held back on implementing the sanctions amid hopes Erdogan will not go ahead with activating the missiles.