Published: Sat, August 18, 2018
Markets | By Josh Butler

USA threatens further retaliation against Turkey over pastor

USA threatens further retaliation against Turkey over pastor

President Trump attacked Turkey Friday over its continued detention of a U.S. Christian pastor saying it had "acted very, very".

"We have responded to (US sanctions) in accordance to World Trade Organisation rules and will continue to do so", Ms Pekcan told reporters on Friday. Turkey retaliated with some $533 million of tariffs on some USA imports - including cars, tobacco and alcoholic drinks - and said it would boycott US electronic goods.

This is while US President Donald Trump said that he authorized double increase in tariffs for aluminum and steel from Turkey - up to 20 percent and 50 percent, respectively.

What Turkey's lira has lost in value against the United States dollar this year.

President Trump's decision to double Section 232 tariffs on Turkish steel and aluminum to gain leverage in a diplomatic dispute is a risky departure from the statute that could cause significant uncertainty for USA industries, according to a major business group.

Turkish President Recep Tayyip Erdogan on Saturday warned against threatening his country with sanctions.

A Turkish court on Friday turned down another appeal to free the pastor in the third such rejection, his lawyer said.

Mr Trump wrote in a tweet late on Thursday: "We will pay nothing for the release of an innocent man, but we are cutting back on Turkey!"

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The Trump administration has threatened to levy more sanctions against Turkey, a move that has rattled the nation's financial markets.

The lira has weakened 35 percent against the dollar this year as the deterioration in ties between the North Atlantic Treaty Organisation allies fueled losses driven by concerns over President Tayyip Erdogan's influence over monetary policy. Unlike many other news organizations, we have not put up a paywall.

"When anyone faces any charges, regardless of the person's citizenship, that person will have to go through the judicial process", he said.

Analysts say Turkey is also likely to seek a more dynamic economic relationship with China and Russian Federation, with whom ties have warmed considerably in recent years. It says the case against Atilla, sentenced to 32 months in prison, was politically motivated.

But he suggested Turkish "policymakers only really seem to have done the minimum needed".

The Fitch ratings agency described Turkey's policy response to the lira's deprecation as "incomplete" and "unlikely on its own to sustainably stabilise the currency and the economy".

The Australian dollar rose 0.1 percent to $0.7266, gaining for a second day, although momentum was lost after Reserve Bank of Australia (RBA) Governor Philip Lowe said interest rates would stay at record lows "for a while yet".

Turkey has also in recent days shown an interest in repairing ties with Europe after a crisis sparked by Ankara's crackdown on alleged plotters of the 2016 failed coup.

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