Turkey says will respond if United States imposes more sanctions

  • Turkey says will respond if United States imposes more sanctions

Turkey says will respond if United States imposes more sanctions

The White House said on Wednesday that it would not remove steel tariffs on Turkey, appearing to give Ankara little incentive to work for the release of Andrew Brunson, a pastor on trial in Turkey on terrorism charges.

Earlier this month, Washington imposed tough economic sanctions on Turkey's justice minister and interior minister for not releasing Andrew Brunson, an evangelical Presbyterian pastor from North Carolina.

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.

The currency has lost almost 40 per cent of its value against the dollar this year, hit by Ankara's worsening rift with Washington and investor alarm about President Tayyip Erdogan's influence over monetary policy.

U.S. Treasury chief Steve Mnuchin earlier said the U.S. could put more sanctions on Turkey. It's not clear how much more they'd be willing to contribute if the United States just keeps making things worse.

Albayrak's ministry said they had discussed USA sanctions against Turkey and agreed to act together in responding to such moves and to boost cooperation between their countries.

China said that a delegation led by its vice commerce minister would travel to the United States for talks on August 21 and 22, raising hopes that Beijing and Washington may resolve the escalating tariff war that has roiled financial markets since early March.

Turkish Finance Minister Berat Albayrak, who is Erdogan's son-in-law, and his Qatari counterpart Ali Sharif Al-Emadi were present at the talks in the capital Ankara.

In U.S. markets, the Dow Jones Industrial Average .DJI rose 396.32 points, or 1.58 percent, to 25,558.73, the S&P 500 .SPX gained 22.32 points, or 0.79 percent, to 2,840.69 and the Nasdaq Composite .IXIC added 32.41 points, or 0.42 percent, to 7,806.52.

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

Supporters of Brunson, who ran a small church in the Turkish coastal city of Izmir, say allegations that he was linked to Kurdish rebels as well as Turkish cleric and alleged coup plotter Fethullah Gulen are absurd.

Gallego said that Brunson's lawyer had indicated he would be willing to take his client's case to the constitutional court.

Erdogan thanked the emir and the people of Qatar for "standing by Turkey", the official Anadolu news agency reported.

European banks and copper also fell into bear market territory.

President Trump tweeted Thursday evening calling for Brunson's release, saying that the U.S. He said he was also considering an appeal to Turkey's constitutional court. The lira's sharp decline has sparked fears in the worldwide community of a Turkish economic crisis.