Donald Trump says Turkey has acted badly in Brunson case

Treasury Secretary Steve Mnuchin on Thursday said that the United States would levy more sanctions on the troubled Turkish economy if Ankara does not release an American pastor.

The lira lost strength after Mnuchin's remarks.

Since the recent developments, a number of countries, including Germany, China, Iran, Italy, and Qatar, voiced support for the Turkish economy and called for a diplomatic solution to the problems between the two North Atlantic Treaty Organisation allies. "Working with you, we have more that we're planning to do if they don't release him quickly". The country has amassed high levels of foreign debt to fuel growth in recent years and as the currency drops, that debt becomes so much more expensive to repay, leading to potential bankruptcies. Trump, who counts evangelical Christians among his core supporters, has increasingly championed the pastor's case.

"Yet at the same time (Turkish authorities) are reluctant to adopt orthodox policy frameworks", JP Morgan said.

He said Turkey would emerge "stronger" from the currency crisis and ruled out an International Monetary Fund bailout.

His words came shortly after the high court in Turkey rejected the pastor's appeal for release.

A Turkish court on Friday rejected the appeal for release filed by American pastor Andrew Brunson, who is charged with links to terrorism. "They made a big mistake trying to tie this to other things".


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

The latest U.S. announcement came after Turkish Finance Minister Berat Albayrak, the son-in-law of President Recep Tayyip Erdogan, sought to soothe markets during an unprecedented teleconference on Thursday with hundreds of foreign investors from the United States, Europe to Asia.

Turkey's currency, the lira, has plummeted after the two nations imposed tariffs on one another's goods.

Turkey has responded by declaring that it will raise tariffs on a number of us imports, including cars, tobacco and spirits.

Turkey's currency nosedived last week after Mr Trump doubled tariffs on Turkey's steel and aluminium exports to 50% and 20% respectively.

The leader of Turkey's main opposition party said Erdogan was using the standoff over the evangelical pastor as a "pretext", blaming the United States for economic problems and diverting attention from his own alleged mismanagement.

By retaliating against the U.S., Bayrasli said that Turkey will give the perception that its cutting itself off from the largest economy in the world, which will be bad for Turkey's financial markets and growing businesses.


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