Turkish court rejects appeal to release U.S. pastor

Andrew Brunson centre was released from prison but put under house arrest last month. If found guilty he faces 35 years in jail

Andrew Brunson centre was released from prison but put under house arrest last month. If found guilty he faces 35 years in jail

Erdogan on Tuesday said Turkey would boycott United States electronic goods like iPhones, even though he has himself been photographed repeatedly using the product himself.

Markets are concerned by Erdogan's influence over the economy and his resistance to interest rate increases to tackle double-digit inflation.

A Moroccan group on Facebook named "the national campaign to demand a real Islamic bank in Morocco" has launched a campaign to boycott USA made goods and restaurants in response to Washington's targeting of the Turkish currency and the U.S. sanction against Turkey scheduled in the coming weeks.

Kadir Temiz, an global relations expert at Istanbul Sehir University, said the US-Turkey crisis was an opportunity to step up Sino-Turkish relations.

Erdogan has reacted to the financial instability by blaming foreign powers, in particularly the United States, a longtime North Atlantic Treaty Organisation ally, which he says is waging an "economic war" as part of a plot to harm Turkey.

Some analysts predicted Beijing, while embroiled in a trade war with the USA, may offer some financial assistance to Turkey, such as buying yuan-denominated bonds.

More news: Stephen King has strong words following Trump's tweet about Omarosa

Russia backs using national currencies, not the U.S. dollar, in its trade with Turkey, Russian Foreign Minister Sergei Lavrov said on Tuesday, but he made no firm commitments that would immediately help Ankara to weather its currency crisis.

The lira's initial slide came amid rising tensions between the U.S. and President Recep Tayyip Erdogan over trade.

"They don't hesitate to use the economy as a weapon", he said.

The duties were raised in response to the USA administration's "deliberate attacks on our economy", Vice President Fuat Oktay wrote on Twitter.

The lira was also helped by a step from the banking watchdog BDDK, cutting the limit for Turkish banks' forex swap, spot and forward transactions with foreign banks to 25 percent of a bank's equity.

Russia's foreign minister, Sergey Lavrov, voiced support for Turkey during a joint news conference with his Turkish counterpart in Ankara on Tuesday, stating both countries plan to switch from dollars to national currencies for their mutual trade.

More news: Manafort’s defense rests in financial fraud trial without calling a witness

Trump ramped up his attack on Turkey by raising steel and aluminium tariffs to 50 percent and 20 percent respectively.

Evangelical pastor Andrew Brunson is standing trial in Turkey over terrorism charges.

Washington warned more economic pressures may be in store for Turkey if it refuses to release Brunson, a White House official said on Tuesday.

Ankara retaliated on Wednesday by doubling tariffs on some US imports including cars, alcohol and tobacco.

"I don't think the Russians will bankroll Turkey at this stage, as I think they have their own issues with the United States with sanctions and will want to maintain their own FX buffers", he said.

Erdogan has called on Turks to exchange their dollars for lira in order to shore up the domestic currency. He said that was likely to happen by the end of business on Wednesday.

More news: Elon Musk Confirms Saudis Will Pay for Taking Tesla Private

A Turkish court has rejected an appeal to release Brunson and lift his travel ban.

Recommended News

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.