Published: Fri, August 17, 2018
Finance | By Cynthia Curry

U.S. says more sanctions await if Turkey does not free pastor

U.S. says more sanctions await if Turkey does not free pastor

"The embassy in Ankara will initiate consular assistance", the source said.

Turkey and Qatar - which is also a very close U.S. ally - have become close economic and political partners in recent times.

Turkish vice president Fuat Oktay said on Twitter that the tariffs on certain products were increased "within the framework of the principle of reciprocity in retaliation for the deliberate economic attacks by the United States".

Erdogan has said Turkey is the target of an economic war, and has made repeated calls for Turks to sell their dollars and euros to shore up the currency.

Turkey has taken advantage of the United States for many years.

Referring to Brunson, Trump said: "He's a very innocent man". "Given a U.S. president tends to do badly in his first mid-term election, he might do more on trade issues after the election".

Asian shares won a modest reprieve on Friday after China and the USA agreed to hold their first trade talks since June, and as the Turkish lira extended gains after hitting a record low earlier this week.

Doubts about Turkey's future intensified as relations with the United States, a longtime North Atlantic Treaty Organisation ally, soured.

The lawyer representing an American pastor held in Turkey has renewed an appeal for his release from house arrest.

Yemen: Dozens of children killed in airstrike
It wasn't immediately clear how numerous casualties were on the bus and how many were pedestrians in the immediate area around it. Coalition spokesman Maliki confirmed the strike had hit a bus, telling AFP "the elements inside the bus were Huthi combatants".

The dollar advanced to a 13-month peak on Tuesday against a basket of major currencies as traders increased their safe-haven holdings of the US currency on worries about the fallout from the Turkish lira's recent fall.

Relations between the two North Atlantic Treaty Organisation allies have plummeted in one of the worst crises in decades after the detention of United States pastor Andrew Brunson on terror-related charges, sending the Turkish lira into free fall against the dollar.

Meanwhile, Turkish officials said Qatar had pledged 15 billion (£11.7 billion) of direct investments for Turkey, in a bid to help the economy.

Turkish President Recep Tayyip Erdogan's call to boycott US products, specifically the smartphones made by California tech giant Apple, was met with several videos online that see a few especially patriotic Turks destroying their mobile devices with sledgehammers, rocks, shotguns and even fire, CBS reported.

The dollar's stalling near its multi-month high came while President Donald Trump praised its recent strength on Thursday, even though he had said a strong greenback puts USA exporters at a disadvantage. The central bank now refuses to raise interest rates even though doing so would help end the country's rampant inflation (it's at around 16 percent).

United Kingdom -based online travel agent Travel Republic says bookings to Turkey increased by 21 percent in the last three days.

The Chinese yuan recovered from its weakest level since January 2017, and the dollar moved slightly lower.

Turkish officials say President Recep Tayyip Erdogan has spoken with French President Emmanuel Macron, during which Macron said that Turkey's economic stability is important for France.

His telephone call with Macron comes a day after he spoke on the phone with German Chancellor Angela Merkel.

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