US Threatens More Turkey Sanctions if Pastor Not Released

Erdogan Tells Turks to Buy Crumbling Lira as Trump Turns the Screws

Sergey Lavrov, speaking after talks Tuesday with his Turkish counterpart, Mevlut Cavusoglu, said the wide use of sanctions reflect Washington's desire to win domination and secure unilateral advantages for its businesses.

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 aluminium and steel tariffs for Ankara. Gulen has denied the charges, and the us has rejected every request to force him from his compound in Pennsylvania to stand trial in Turkey.

"I am specifically addressing our manufacturers: Do not rush to the banks to buy dollars", he said.

Switching to foreign currency would mean giving in to the enemy, he added.

The diplomatic dispute has sent shockwaves through financial markets across the world as the plunging lira causing currencies in other developing countries to nosedive.

USA pastor Andrew Craig Brunson, escorted by Turkish plainclothes police officers, arrives at his house on July 25, 2018, in Izmir. It was not clear when the court would consider the appeal.

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Tuesday night, Turkey announced new tariffs against the United States, the latest in the mounting tit-for-tat between the long-time allies.

Brunson, 50, is being tried on espionage and terror-related charges, which he and the USA government vehemently deny.

The pastor was released for house arrest on July 25.

President Donald Trump doubled tariffs on Turkish metals exports to the United States last week prompting Ankara, which says it will not bow to threats, to raise tariffs on U.S. cars, alcohol and tobacco by the same amount yesterday. "If they have iPhones, there is Samsung on the other side", Erdogan said at an assembly of his AK Party members in Ankara on August 14.

It was unclear how Erdogan meant to enforce the boycott.

Erdogan appealed to a crowd in the city of Bayburt to exchange dollars and gold for Turkish lira to prop up the plunging currency.

Rupee slumps below 70 against USA dollar
The 10-year benchmark bond yield rose to 7.80 per cent from its previous close of 7.75 per cent, tracking the weakness in rupee. He said that $23 billion of the country's foreign exchange reserves have been used to defend the rupee.

"Turkey is not in favor of an economic war, but we can not remain with no reaction if there is an attack on us", Erdogan spokesman Ibrahim Kalin said.

In response, Erdogan has called for a boycott of United States electrical goods.

The massive pledge came during a visit by Qatar's emir Sheikh Tamim bin Hamad Al Thani to Ankara on Wednesday, where he met his Turkish counterpart Recep Tayyip Erdogan.

It is believed many Qatari investors could be at risk from a Turkish economic crisis.

Albayrak said Turkey's banks are "healthy and strong" and that implementing structural reforms and maintain tight monetary policy to fight inflation remain a priority.

Despite the political tensions, the lira rebounded 6 percent on Wednesday, strengthening to about 6.0 to the dollar. It remains not far from the record low of 7.23 per dollar hit Sunday. And as the currency drops, that debt becomes so much more expensive to repay, leading to potential bankruptcies.

Erdogan says US 'wrong' to threaten Turkey after Trump doubles tariffs
This is a national, domestic battle", he told a crowd in the northeastern city of Bayburt. Turkish officials held talks in Washington this week, but there was no breakthrough.

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