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

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

Tensions between the USA and Turkey have been steadily rising since American pastor Andrew Brunson was detained by Turkish officials on charges of terrorism and espionage.

The lira went into a tailspin after a diplomatic spat with the USA over a detained pastor in Turkey.

The Turkish lira hit a record low of 7.24 to the dollar this week, down 40 per cent this year, as investors fretted over Erdogan's influence over monetary policy and the dispute with the United States.

Qatar will make $15 billion of direct investment in Turkey, Qatar's leader said on a visit to Ankara on Wednesday, said Turkey's presidential spokesman.

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.

Last week the United States doubled tariffs on aluminium and steel imports from Turkey, during a dispute over Turkey's detention of an American pastor on security charges that the U.S. views as baseless.

The flailing Turkish lira rebounded slightly on Thursday, on the heels of Qatar's announcement that it would earmark $15 billion for deposits and investment projects to be made in Turkey.

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"For months, the U.S. Chamber has warned that alienating our allies in a tit-for-tat trade war would harm the U.S. economy and undermine American global leadership, and evidence of that harm to U.S. workers, farmers, and businesses is mounting".

Ankara's central bank took actions to reinforce the currency on August 15 and squeezed the Turkish lira's liquidity from the market.

Local Turkish social media has been awash this week with footage of people smashing their iPhones in protest of US President Donald Trump and his recent sanctions on Turkey.

After he finished speaking, the lira was little changed from beforehand, meaning it remained down around 34pc against the dollar this year.

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.

"The tariffs that are in place on steel will not be removed with the release of pastor Brunson". On Tuesday, he said Turkey would boycott U.S. electronic products. Turkish officials say the case is a matter for the courts.

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