Turkey will respond if United States imposes more sanctions - trade minister

Turkey will respond if United States imposes more sanctions - trade minister

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

Investors said Albayrak's conference call would test whether Turkey can persuade markets that its monetary policy is not hostage to political influence.

Investors are concerned that Turkey has amassed high levels of foreign debt to fuel growth in recent years.

Trump added: "We will pay nothing for the release of an innocent man, but we are cutting back on Turkey!"

Last month, at Brunson's third court hearing in almost two years, USA officials thought they had brokered a deal to free him by pressuring Israel to release a Turkish citizen imprisoned there.

Mr Erdogan is angry that the United States has not taken more action against the Gulenist movement and what he said was a failure "to unequivocally condemn" the 2016 coup attempt.

Brunson's lawyer Ismail Cem Halavurt told CBS News on Friday that they may file another appeal with the court as, "depending on the developments, we can apply again".

Mr Trump said: "They want to hold our wonderful pastor".

It was not immediately clear what additional measures, if any, Trump could be considering.

"We have more that we're planning to do if they don't release him quickly", Mnuchin said when asked by President Trump at a Cabinet meeting for an update on USA sanctions on Turkish officials.

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He also appeared to acknowledge that he was disappointed that Turkey did not release Brunson after the United States helped negotiate the release of a Turkish national being held in Israel.

Qatar pledged $15 billion of investment in Turkey on Wednesday that a government source in Ankara said would be channeled into its banks and financial markets.

The lira has lost nearly 40 per cent of its value against the dollar this year as the feud between Mr Trump and President Erdogan has deepened. Earlier in the session, the bullion fell as much as 1.2 per cent to $1,159.96, its lowest since January 2017. Turkey's sovereign dollar bonds extended their gains.

"Diplomatic negotiations hit speedbumps and that's not unusual in these kinds of situations", said Jay Sekulow, a personal attorney for Trump who is also representing Brunson's family. "We remain hopeful there will be a prompt resolution".

Turkey has taken advantage of the United States for many years.

On Wednesday, the lira traded at 6.4125 to the US dollar, weakening from a close of 6.3577 a day earlier.

Turkey's banking watchdog has taken steps to stabilise the currency, limiting futures transactions for offshore investors and lowering limits on swap transactions.

Standard & Poor's is scheduled to release a review of Turkey's sovereign credit rating later on Friday. The lira's sharp decline has sparked fears in the global community of a Turkish economic crisis.

Could the lira crisis spread?

Central bank data showed foreign currency deposits held by local investors rose to $159.9 billion in the week to August 10, from $158.6 billion a week earlier.

Some emerging market countries pared their holdings of US Treasuries in June, data from the US Treasury department showed on Wednesday, in what analysts viewed as a move to support their currencies as the Federal Reserve started raising interest rates this year.

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