Turkish lira firms before minister's presentation

Turkey's Move to Double Tariffs on US Goods a 'Step in the Wrong Direction,' White House Says

Turkey's Move to Double Tariffs on US Goods a 'Step in the Wrong Direction,' White House Says

On Friday, the Turkish lira, which suffered record losses against the dollar earlier this week before recovering, fell about 5 percent, to about 6.11 to the dollar, after President Trump warned via Twitter that the country faces more punitive measures.

On Thursday, US Treasury Secretary Steven Mnuchin said: "We have more that we are planning to do if they don't release him [Mr Brunson] quickly".

"I have great faith in the American people and I'm hoping that at a minimum, anyone who has a Nutella sandwich, anyone who has towels that come from Turkey that unwillingly they're participating in lifting the economy of Turkey, which is something that we should not be doing when they're holding Americans like Pastor Brunson", Arriaga said. If they side with Turkey, they run the risk of antagonizing US President Donald Trump.

In his televised speech yesterday, Erdogan vowed that Turkey will "boycott United States electronic goods".

Trump said the United States had helped Turkey in a related incident, but that the North Atlantic Treaty Organisation ally had not repaid the favour.

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President Donald Trump doubled tariffs on Turkish metals exports to the United States last week prompting Ankara, which says it will not bow to threats, to raise tariffs on USA cars, alcohol and tobacco by the same amount yesterday.

Mr Trump said: "They want to hold our wonderful pastor".

"Certainly it has been a very dramatic war of words between Ankara and Washington and Trump has made no bones about the financial repercussions that the United States is willing to undertake". She wouldn't be drawn on whether the Trump administration would respond.

When Mr Kilic sought to tie conditions to Mr Brunson's release, Mr Bolton waved them aside and said there would be no negotiations.

Last week, Trump announced on Twitter that he had green-lit a doubling of steel and aluminum tariffs on Turkey, and warned that U.S. relations with Turkey "are not good at this time!"

More news: Turkey doubles tariffs on more United States imports as diplomatic row escalates

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

Pastor Andrew Brunson, who has lived in Turkey for more than two decades, was detained in 2016 after a government crackdown following a failed coup attempt.

"Despite everything, we are ready to talk about everything to solve the existing problems as equal partners", Causoglu said.

Qatar said it would provide "a host of economic projects, investments and deposits" worth $15 billion to support Turkey's economy. Investors also fret over Erdogan's influence over monetary policy.

The lira has lost nearly 40 per cent of its value against the dollar this year as the feud between Mr Trump and President Erdogan has deepened.

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