Turkey's Erdogan hits back with retaliatory Sanctions

Turkey's Erdogan hits back with retaliatory Sanctions

Turkey's Erdogan hits back with retaliatory Sanctions

Turkey on Friday threatened to respond if the United States levied further sanctions over the detention of an American pastor, which has sparked a diplomatic standoff and battered the Turkish currency.

Sanders said Brunson's release would not lead to an easing in the tariffs, but that it could lead to an easing in sanctions.

"They have not proven to be a good friend", Mr Trump said of Turkey during the Cabinet meeting.

Brunson, a pastor who is a long time resident in Turkey, is alleged by the government to have links to the outlawed Kurdistan Workers Party and the Gulenist movement, both of which are accused of being involved in 2016's failed coup against Erdogan.

The dispute over Mr Brunson and other frictions between Washington and Ankara have been one reason the Turkish lira has plunged 40 percent this year.

Investors said Albayrak's conference call would test whether Turkey can persuade markets that its monetary policy is not hostage to political influence.

This is mainly due to the firm dollar which is seen strengthening against a basket of emerging market currencies for quite some time now and has in fact stood close to its recent peak.

He also appeared to acknowledge that he was disappointed that Turkey did not release Brunson after the United States helped negotiate the release of a Turkish national being held in Israel.

FILE - U.S. Charge d'Affaires Jeffrey Hovenier talks to members of the media after visiting U.S. pastor Andrew Brunson, who is being held under house arrest in Izmir, Turkey, Aug. 14, 2018. "Not fair, not right".

Turkey's currency nosedived last week after Mr Trump doubled tariffs on Turkey's steel and aluminium exports to 50% and 20% respectively.

China isn't the only country the USA has a rocky relationship with - Turkey is causing a few headaches for U.S. leaders as well.

'If (the United States) have the iPhone, there's Samsung on the other side, ' he said, referring to U.S. giant Apple's iconic phone and the top South Korean brand.

The pastor row is one of several between the North Atlantic Treaty Organisation allies, including diverging interests in Syria and United States objections to Ankara's ambition to buy Russian defence systems, that have contributed to instability in Turkish financial markets.

Qatar will make $15 billion of direct investment in Turkey, Qatar's leader said on a visit to Ankara on Wednesday, said Turkey's presidential spokesman.

Turkey's finance chief tried to reassure thousands of global investors on a conference call Thursday, in which he pledged to fix the economic troubles.

President Recep Tayyip Erdogan has accused the United States of waging a targeted economic war on his country, and on Tuesday he proposed a boycott of US electronic goods.

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