Mnuchin Says Turkey Faces More Sanctions If Pastor Not Released

Mnuchin Says Turkey Faces More Sanctions If Pastor Not Released

Mnuchin Says Turkey Faces More Sanctions If Pastor Not Released

On Aug. 10, Trump intensified the dispute with Turkey over its detention of a us evangelical pastor on terrorism charges by imposing higher tariffs on metal imports.

A Turkish court also rejected the American pastor's appeal to be released from house arrest and have his travel ban lifted.

On Wednesday, Qatar pledged $15 billion to help Turkey through its economic and currency crisis.

The lira hit a record low against the dollar on Tuesday. Efforts to rally support and bolster domestic markets included a call Thursday between Turkish Finance Minister Berat Albayrak and worldwide investors.

However, the currency market's reaction to his conference call - in which he also said Turkey had no plans to seek help from the International Monetary Fund or impose capital controls to stop money flowing overseas - was measured.

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.

Turkey's move to increase tariffs on U.S. imports has helped boost its weakened currency.

The U.S. economy is 25 times larger than Turkey's, based on nominal GDP.

Earlier on Wednesday, White House spokesperson Sarah Sanders said the USA side would consider lifting sanctions that have been placed on Turkey if Ankara released Brunson and other detained US citizens.

The Trump administration said Wednesday that Erdogan's imposition of retaliatory tariffs against the USA were "a step in the wrong direction".

Washington has imposed financial sanctions on two Turkish ministers and doubled steel and aluminum tariffs on Turkey as the Trump administration tries to secure the release of Brunson, who it says was framed.

A Turkish court Tuesday released two Greek soldiers detained since March on espionage charges for illegally crossing the border in a case that has stoked tensions with Brussels.

"The import duties were increased on some products, under the principle of reciprocity, in response to the US administration's deliberate attacks on our economy", Vice President Fuat Oktay wrote on Twitter.

"Turkey would do well not to test Trump's resolve to see Americans who are wrongfully imprisoned in foreign lands returned home to the United States", Vice President Mike Pence said in a tweet. The spokesperson said that Turkish authorities had so far given no indication that they meant to seek International Monetary Fund assistance, according to the report.

The chief executive of Turkey's Akbank said the banking sector remained strong and the measures taken to support the market had started to have an impact, adding there was no withdrawal of deposits.

Earlier on Wednesday, Erdogan spoke on the phone with German Chancellor Angela Merkel, the Turkish presidency.

"I'm confident that the grave abuse of the role of the United States dollar as a global reserve currency will result over time in the weakening and demise of its role", the top Russian diplomat said.

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