Turkish lira tumbles 7 percent to dollar on sanction worries

A decree by Erdogan doubled Turkish tariffs on imports of US passenger cars to 120 per cent alcoholic drinks to 140 per cent and leaf tobacco to 60 per cent

Turkey rejected a US appeal calling for the release of an imprisoned American pastor, but an upper court still needs to rule on that appeal.

US Treasury Secretary Steve Mnuchin told Trump on Thursday (August 16) that he and Secretary of State Mike Pompeo had put sanctions on several Turkish ministers and "have more [they] are planning to do" if Brunson isn't released soon.

Last month, at Brunson's third court hearing in almost two years, USA officials thought they had brokered a deal to free him by pressuring Israel to release a Turkish citizen imprisoned there.

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

"We have stood together and will continue to do so", he said, making clear the high-level meeting was meant to communicate unequivocal support for Turkey at a critical juncture.

The Turkish lira stood at 5.80 per dollar on Friday, up about 0.4 percent against the dollar.

"They should have given him back a long time ago", the president said. They came out. They want to hold our wonderful pastor.

Mr Brunson has denied charges of espionage, but faces up to 35 years in jail if found guilty. In retaliation, a Turkish court refused to release Brunson, and the Turkish government raised its tariffs on imports of American cars, alcohol and tobacco.

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The Trump administration has already sanctioned two Turkish leaders over the pastor's imprisonment. On Friday, a court rejected another appeal to free him.

On Wednesday, U.S. Vice President Mike Pence tweeted, "Turkey would do well not to test [President Trump's] resolve to see Americans who are wrongfully imprisoned in foreign lands returned home to the United States".

He said: "I have just authorised a doubling of Tariffs on Steel and Aluminium with respect to Turkey as their currency, the Turkish Lira, slides rapidly downwards against our very strong Dollar!"

A Chinese delegation led by Vice Minister for Commerce Wang Shouwen will meet USA representatives, China's Ministry of Commerce said in a statement, with the Wall Street Journal reporting that talks will take place in Washington on August 21 and 22.

Turkey's finance chief tried to reassure thousands of global investors on a conference call Thursday, in which he pledged to fix the economic troubles.

Mr Erdogan is angry that the United States has not taken more action against the Gulenist movement and what he said was a failure "to unequivocally condemn" the 2016 coup attempt.

"Monetary policy alone is not enough to fight inflation, we will back Central Bank with fiscal policies", Albayrak added.

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