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‘We are cutting back on Turkey’

17 August, 2018, 17:59 | Author: Kristi Dunn
  • Turkey denies American pastor’s appeal decides to hit the US with tariffs instead

U.S. Treasury chief Steve Mnuchin earlier said the U.S. could put more sanctions on Turkey.

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.

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

Trump later said in a tweet the United States "will pay nothing" for Brunson's release, "but we are cutting back on Turkey!"

Pastor Andrew Brunson, who has lived in Turkey for more than two decades, was detained in 2016 after a government crackdown following a failed coup attempt. After it plunged by 20 percent when Trump doubled tariffs on Turkish steel and aluminum, President Recep Tayyip Erdogan called on the country's citizens to sell foreign money to bolster the plummeting currency, and declared that "they have their dollars, we have our people, our god".

Worldwide investors have been anxious by Turkey's high levels of foreign debt and Erdogan's refusal to allow the central bank to raise interest rates to support the currency, as experts say it should.

Alvin Tan, FX strategist at Societe Generale, said Friday's moves were more to do with dollar's weakness as investors show greater appetite for taking on risk than euro strength.

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The Gulf state made the investment as Turkey grapples with a collapse in the lira and tensions with North Atlantic Treaty Organisation ally the United States. "Not fair, not right", he added.

Last week, Trump tweeted that his administration was doubling aluminum and steel tariffs for Turkey, and in response Ankara sharply hiked tariffs on some USA products.

Finance Minister Berat Albayrak assured global investors on Thursday that Turkey would emerge stronger from its currency crisis, insisting its banks were healthy and signaling it could ride out a dispute with the United States. "I'm not going to get ahead of anything on what we may or may not do in an effort to respond.".

Qatar said it would provide "a host of economic projects, investments and deposits" worth $15 billion to support Turkey's economy.

The United States sanctioned Justice Minister Abdulhamit Gul and Interior Minister Suleyman Soylu, blaming both for being involved Brunson's arrest and detention. "We will boycott the electronics products of the U.S".

MSCI's benchmark emerging stocks index ended the week on a slightly calmer note, up 0.2%, and snapping a seven-day losing streak on tentative optimism that US-Sino relations may improve with the scheduling of the first trade talks since June.

Efforts to rally support and bolster domestic markets included a call Thursday between Turkish Finance Minister Berat Albayrak and worldwide investors.

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