Lira tumbles as US terminates Turkey's preferential trade treatment

Reuters reported the latest headlines on trade last minutes, citing that the US terminated the preferential trade agreement with Turkey, as announced by the White House.

Key Details:

Had been allowing some of the country's exports into the US duty free, but not anymore.

The White House statement: The decision will be effective on Friday May, 17th.

The Turkish Lira fell to fresh three-day lows versus its American peer on the above headlines, driving the USD/TRY cross to 6.0949 levels.