It seems that everyone's out to get US trade these days as Turkey doubles its own import tariffs on US goods, Reuters reports. On Wednesday, the White House strongly objected against Turkey's double tariffs, labeling it as a misguided journey towards a wrong path.

Asia, however, is once again caught in the crossfire between the two countries. The lira fell several percentage points down to 20 as the dollar rallied against it due to the tariffs. Asian companies and investors from the region are watching the Turkish situation closely, according to Nikkei. If not controlled, it could allegedly become a global problem.

The fall of the lira made companies from Asia that are in the country nervous. An ex-pat working for an Asian firm in Turkey said that if they impose the deficit on product prices, they won't sell a single thing. The worst that could happen, he continued, was that the companies there would stop production. As the lira sank, it also took the Indian rupee with it, which sank to its lowest levels ever since October 2015.

The Indian rupee wasn't the only victim, but it was the one with the most significant damage felt. Other Asian currencies felt the lira's fall, except for Vietnam. All of these came under the impression that the falling lira was bad for the Asian economy. US stocks, for its part, fell as well with the Dow and the S&P 500 falling.

Japan also faces the most risk from the falling lira, but Asian countries are fairly protected from it. In contrast to Asian countries, Spain and France fell $80.8 billion and $35.1 billion in losses as the lira fell. Japan, the most exposed Asian economy to Turkey, suffered $10.9 billion in losses.

South Korea, another Asian giant, felt the loss at $1.7 billion. Taiwan and Australia follow closely as they suffered from $0.5 billion and $0.1 billion, respectively. Other Asian countries like China's data couldn't be ascertained, but, in China's case, experts follow the theory that its loss is hugely similar to Japan.

The tensions between these staunch NATO allies escalated when Turkey held an American pastor, Andrew Brunson. Reports filtered in that Brunson was one of the ringleaders in the plot to oust Turkish president Recep Tayyip Erdogan.