Turkish lira steady despite new threats from Trump

Ivan Schwartz
August 17, 2018

Brunson's lawyer, İsmail Cem Halavurt, had filed a demand on August 14 around a week after his previous appeal was rejected a lower court.

Almost 10 million people use US' iPhones in Turkey, press reports said, adding that the amount paid for the products hit $7 billion in 10 years.

"We have responded to (U.S. sanctions) in accordance to World Trade Organization rules and will continue to do so", Pekcan told reporters on Friday. Turkey has been rocked in recent days by a sharp decline in the value of its lira after US President Donald Trump tweeted last Friday that Washington was doubling aluminum and steel tariffs for Ankara.

He has tweeted the United States will pay nothing for the release of an innocent man after the White House confirmed it has prepared to impose more sanctions.

US Treasury secretary Steven Mnuchin assured Mr Trump at a Cabinet meeting that sanctions were ready to be put in place if Mr Brunson was not freed. "Working with you, we have more that we're planning to do if they don't release him quickly".

"I have great faith in the American people and I'm hoping that at a minimum, anyone who has a Nutella sandwich, anyone who has towels that come from Turkey that unwillingly they're participating in lifting the economy of Turkey, which is something that we should not be doing when they're holding Americans like Pastor Brunson", Arriaga said. The US government and human rights groups have disputed that claim. Trump said on Twitter.

"The tariffs that the United States placed on Turkey were out of national security interests".

His case now lies at the heart of a diplomatic crisis between Turkey and the US that has prompted a crash of Turkey's lira currency.

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

"They want to hold our wonderful pastor", Trump added.

Brunson is being held on terrorism charges, which he denies. "So, we haven't seen the last of that".

Speaking to his supporters on Tuesday, Erdogan slammed the U.S. for using the economy as a "weapon" and said the Turkey was facing an "economic attack" and a "bigger, deeper operation". "They made a big mistake trying to tie this to other things".

The lira's months-long slide has accelerated as a result of the diplomatic standoff with Washington over Brunson's detention.

Mr Albayrak, President Recep Tayyip Erdogan's son-in-law, said the country's banks were healthy and strong and the nation would not be turning to the International Monetary Fund for a bailout.

The lira lost strength after Mr Mnuchin's remarks.

Other reports by GizPress

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