White House: US monitors financial situation in Turkey amid currency fall

"We’re monitoring it very closely. Treasury Secretary Mnuchin is monitoring it very closely," Hassett, the chairman of the White House Council of Economic Advisers.

White House economic adviser Kevin Hassett said on Monday the Trump administration is monitoring the financial situation in Turkey "very closely" after the Turkish currency fell sharply against the dollar in recent days.

"We’re monitoring it very closely. Treasury Secretary Mnuchin is monitoring it very closely," Hassett, the chairman of the White House Council of Economic Advisers, told MSNBC.

He said President Donald Trump's decision to double tariffs on Turkish steel was "a tiny, tiny fraction" of Turkey's GDP, so for the currency to drop 40 percent is a sign that there are a lot of economic fundamentals that are out of whack in that country." 

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