White House: 'We Won't Forget' How Turkey is Treating US Pastor

Turkey for a last-minute bargain? It isn't quite that simple

Turkey for a last-minute bargain? It isn't quite that simple

On Wednesday, the USA dismisses any move to remove steel tariffs which caused currency rout in the Turkey even in the circumstance if Ankara frees a U.S. pastor.

At a cabinet meeting, US Treasury Secretary Steven Mnuchin assured President Donald Trump that sanctions were ready to be put in place if an American pastor, being held in Turkey on terror-related charges, was not freed.

The currency has lost almost 40 percent against the dollar this year, driven by worries over Erdogan's growing influence on the economy and his repeated calls for lower interest rates despite high inflation.

The two North Atlantic Treaty Organisation allies have traded tit-for-tat sanctions over the pastor's house arrest.

Although Qatar has now pledged $15 billion it has not actually paid anything, and it may not be enough to solve Turkey's economic problems. "We have more that we're planning to do if they don't release him quickly". Turkey has accused Brunson of backing a coup attempt against President Recep Tayyip Erdogan two years ago.

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

The embattled currency weakened in early London trading, with one dollar buying 5.86 lira, but has just recovered to 5.8, up 0.26%. Cavusoglu said ties with the bloc, which have been strained in recent years, were on a firmer basis and had started normalising.

"Rates have gone up by 10 per cent".

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"However, as there is a limit on short positions for offshore investors, the impact on TRY (lira) asset prices and short term swap rates will likely be higher than that on the currency", he said in a note to clients.

"They are killing offshore lira liquidity to stop foreigners shorting the lira", he said.

On Thursday, Finance Minister Berat Albayrak addressed hundreds of foreign investors from the US, Europe and Asia via a conference call in a bid to soothe the markets.

Qatar poured funds into the country the same day Turkey doubled tariffs on some USA imports, such as cars, alcohol and tobacco, one day after President Recep Tayyip Erdogan called for a boycott of iPhones.

Commenting on the move, the United States leader said: "I have just authorised a doubling of tariffs on steel and aluminium with respect to Turkey as their currency, the Turkish lira, slides rapidly downwards against our very strong dollar".

"Escalating the use of Section 232 tariffs on imports from Turkey poses serious risks for the United States", Brilliant said. Turkey's exports to the United States, its fifth-largest export market, were US$8.7 billion. Two sources with knowledge told CNN that the move stemmed from Trump's frustration over Brunson's detention.

The plight of Brunson has dominated the Trump administration's policy toward its North Atlantic Treaty Organisation ally, even as the dispute roils currency markets.

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