Turkey, France agree to take action against U.S. sanctions on Turkey

18 August, 2018, 18:43 | Author: Salvatore Jensen
  • Equities in Hong Kong and China recouped most of their decline while shares in Japan pared losses

Also Friday, in more verbal sparring, Turkey's trade minister said her government would respond in kind to any new trade duties from the United States after U.S. Treasury chief Steve Mnuchin said the U.S. could put more sanctions on Turkey if the pastor is not released soon.

The U.S. recently slapped financial sanctions on two Turkish ministers and doubled steel and aluminum tariffs on Turkey over the pastor's continued detention, causing economic upheaval in Turkey.

Turkey and the U.S. are now experiencing rocky relations after Washington imposed sanctions on two Turkish Cabinet ministers for not releasing USA pastor Andrew Brunson, who was arrested and charged with espionage and terrorism in Turkey.

Trump, before leaving the White House on Friday, denounced Turkey as a "problem for a long time" and said it made up a "phony" spying charge against Andrew Brunson.

"When anyone faces any charges, regardless of the person's citizenship, that person will have to go through the judicial process", he said. Brunson is now on trial and held on house arrest, with few indications that Turkish officials intend to comply with the demands - despite the bullying attempt with USA sanctions that were leveled against them two weeks ago.

Erdogan said that economic levers of pressure are used against Turkey.

Turkish courts have rejected several appeals for Brunson to be freed and allowed to leave Turkey.

Treasury Secretary Steven Mnuchin said additional USA sanctions are ready if Turkey refuses to release an American pastor whom the Trump administration says is illegally detained. "You work with us in Afghanistan, Somalia and North Atlantic Treaty Organisation, and then you go stab your partner in the back", he said earlier this week. The U.S. imposed tariffs on the country last week, which crashed the value of the Turkish lira.

The single currency was down 0.25 percent this week, having brushed a 13-month low of $1.1301 in the wake of concerns that the Turkish crisis could hurt European banks. He criticized Turkey for "holding our wonderful Christian Pastor". He was detained in October 2016 and was moved from pretrial detention to house arrest in July. On Tuesday, Erdogan called for a boycott of USA electronics products, and his spokesperson described American policy as goading Turkey into an "economic war".

Meanwhile, Turkish courts have moved to defuse other legal cases that have irritated relations with the EU.

Albayrak, Erdogan's son-in-law, told investors on Thursday that Turkey would emerge stronger from the currency crisis, insisting its banks were healthy and signaling it could ride out the dispute with Washington.

"Turkey did not and will not surrender to those which try to make Turkey as a strategic target", he said in reference to the US without naming the country.



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