Turkey will respond if U.S. imposes more sanctions - trade minister

Lloyd Doyle
August 17, 2018

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

The threat comes as Turkey sought to reassure investors rattled by the sanctions-fueled crash of the Turkish lira, insisting the country would emerge stronger.

Qatar defied US President Donald Trump on Wednesday and promised to plough $15 billion into Turkish financial markets and banks, amid a collapse in the value of the lira and a looming trade war between Turkey and the United States.

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

Specifically, during the trip to Washington last week, he said, the Turks offered a plan which would have seen Brunson released in exchange for leniency in two U.S. government investigations into the Turkish state lender Halkbank. They have not acted as a friend...

The lira has staged a small recovery but that is threatened by a fresh tweet from US President Donald Trump.

Last week, Trump tweeted that his administration was doubling aluminum and steel tariffs for Turkey, and in response Ankara sharply hiked tariffs on some United States products. "Having said that, we fully support the president's approach".

Turkey and Qatar have traditionally maintained good ties and Ankara stood by Doha after Saudi Arabia and other Arab states severed diplomatic, trade and travel ties with Qatar a year ago, accusing it of financing terrorism - a charge Doha denies.

"I can say we are trying to solve the problem very soon".

Economists gave Albayrak's presentation a qualified welcome and the lira initially found some support, helped by Qatar's pledge to invest $15 billion in Turkey.

Turkey's biggest mobile phone importing companies have cancelled their iPhone orders as Turkish citizens join a move to boycott United States products.

A Chinese delegation led by Vice Minister of Commerce Wang Shouwen will meet US representatives, China's Ministry of Commerce said in a statement, with the Wall Street Journal reporting that talks will take place in Washington on August 21 and 22. "He needed help getting somebody out of some place, he came out".

The pastor row is one of several between the North Atlantic Treaty Organisation allies, including diverging interests in Syria and USA objections to Ankara's ambition to buy Russian defense systems, that have contributed to instability in Turkish financial markets.

However, Turks appeared not to be heeding his appeal.

Erdogan has called for a boycott of US electronic goods and Turkish media have given extensive coverage to anti-U.S. protests, including videos on social media showing Turks apparently burning dollar bills and destroying iPhones.

Other reports by Iphone Fresh

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