Trump attacks Turkey, vows to pay 'nothing' for U.S. pastor's release

17 August, 2018, 16:40 | Author: Shannon Aguilar
  • Cryptocurrency Market Loses $43 Billion in Five DaysCryptocurrencyAltcoin News By Osato Avan Nomayo Last updated Aug 13 2018

The Turkish currency showed a rebound on Thursday after losing over 16 percent of its value last Friday, following US President Donald Trump doubling aluminium and steel tariffs on Ankara.

Trump, in a tweet, condemned the Turkish government for taking "advantage" of the USA and added that while the administration would not pay for Pastor Andrew Brunson's release, the U.S.is "cutting back on Turkey".

The lira hit a record low of 7.24 against the us dollar over concerns about President Tayyip Erdogan's grip on monetary policy and an ongoing row with the United States. Referring to imprisoned pastor Andrew Brunson, Trump said "they have a great Christian pastor there, he's a very innocent man".

"The sanctions, however, that have been placed on Turkey are specific to pastor Brunson and others that we feel are being held unfairly, and we would consider that at that point", Sanders added.

Trump doubled tariffs on Turkish steel and aluminum last Friday, while also imposing sanctions on Turkish interior and justice ministers.

On Wednesday, Turkey rejected pastor Andrew Craig Brunson's appeal to be released from custody, and slapped additional tariffs on USA imports.

The lira, which has weakened 36 percent against the dollar this year, eased to 5.98 against the dollar by 0443 GMT from a close of 5.95, as investors weighed up the latest comments from the United States.

"We have stood together and will continue to do so", he said, making clear the high-level meeting was meant to communicate unequivocal support for Turkey at a critical juncture.

Lira rallies after Turkey raises tariffs on United States imports
Turkish Foreign Minister Mevlut Cavusoglu told reporters that the top USA diplomat in Turkey would visit Brunson later Tuesday. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.46 percent, a day after it hit its lowest level in a year.

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The Turkish currency began to recover after authorities this week took steps to help bank liquidity.

Beyond Turkey, concerns about China's technology sector, its currency, and trade relations between the US and Beijing have been key drivers of global markets in recent sessions.

For years Turkish firms have borrowed in dollars and lira to take advantage of lower interest rates.

"Turkey will emerge stronger from these (currency) fluctuations", said Albayrak, who is also Erdogan's son-in-law.

Gold prices in line with the emerging market currencies rout, triggered by Turkey's Lira and China's economic woes, reduced to its over 19-month low price levels.

The Turkish lira built upon Wednesday's gains, when Qatar pledged to invest $15 billion in Turkey.

According to the Hurriyet Daily, a significant number of importers began to withdraw their short and long-term orders after Turkish President Recep Tayyip Erdogan's appeal to boycott American electronic products on Tuesday.

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