In August, Turkish lira met a sharp drop by 18 percent, the biggest in a single day since the Turkish financial crisis in 2001. The fall of lira came after Trump’s announcement that the tariffs on steel and aluminum imports from Turkey would be doubled. Turkey is the eighth largest steel producer in the world and the sixth largest source of U.S. steel imports.
Without the curbs the treaty imposes, the U.S. may strengthen its military presence in the Middle East and the Asia-Pacific, which would affect the equilibrium in these regions. The unilateral pullouts have contributed to destabilizing the global security situation.