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Turkey Will Respond If Us Imposes More Sanctions: Minister

Turkey Will Respond If Us Imposes More Sanctions: Minister

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. The lira has lost about a third of its value against the dollar since January.

Turkey's battered lira weakened 5 percent on Friday after a Turkish court rejected a U.S. Christian pastor's appeal for release, a day after the United States warned of further sanctions unless Ankara hands over the detained minister.

Brunson has been held in Turkey since 2016, accused of helping plot a coup attempt against Turkish President Recep Tayyip Erdogan. Brunson runs an evangelical church in the Turkish city of Izmir.

President Donald Trump last week ramped up his attack on Turkey by doubling United States tariffs on Turkish aluminium and steel imports.

Brunson is being held on terrorism charges, which he denies.

If convicted, the American pastor faces up to 35 years in jail.

On Thursday, Treasury Secretary Steven Mnuchin said the administration had plans to ratchet up sanctions on government officials if the country did not respond to demands for Brunson's release.

In an intensifying cycle of tensions with the United States, Erdogan has called for a boycott of USA electronic goods such as iPhones and Ankara has sharply hiked tariffs on some U.S. products.




US stocks extended gains on Friday and risk sentiment improved following a Wall Street Journal report on potential progress in easing trade tensions between the United States and China.

While Evangelists in the United States consider Trump's efforts to release Brunson as support for religious freedom, the article argued Trump was trying to use this issue to secure success during the November 7 midterm elections. "It did not. The United States reaction was far from satisfactory".

The news helped global markets regain composure after several days of volatility sparked by fears that Turkey's financial crisis could infect other economies.

A Chinese delegation led by Vice Minister of Commerce Wang Shouwen will meet USA 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. Last week, Erdogan wrote, "Washington must give up the misguided notion that our relationship can be asymmetrical and come to terms with the fact that Turkey has alternatives".

His comments follow a reported phone call this week between Erdogan and Angela Merkel, with the German chancellor offering to strengthen ties between the two nations.

His efforts have also found some success in the Middle East.

The Turkish lira built upon Wednesday's gains, when Qatar pledged to invest $15 billion in Turkey.

The Wall Street Journal reported on Friday afternoon that Chinese and US negotiators are drawing up a road map for their trade talks next week.

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