Mnuchin Says Turkey Faces More Sanctions If Pastor Not Released

Turkey's President Recep Tayyip Erdogan. AP

A decree by Erdogan doubled Turkish tariffs on imports of U.S. passenger cars to 120 per cent, alcoholic drinks to 140 per cent and leaf tobacco to 60 per cent. Tariffs were also doubled on goods such as cosmetics, rice and coal. The decree also doubled tariffs on American cosmetics, rice, and coal, among other imports.

Referring to Brunson, Trump said: "He's a very innocent man".

"Those who think that they can make Turkey take a step back with ridiculous sanctions have never known this country or this nation", Erdogan said during his speech in Ankara.

Trump has used trade tariffs in a series of disputes ranging from with Turkey and China to the European Union.

In reality, a number of issues have come between the two North Atlantic Treaty Organisation allies, not least Turkey's plan to purchase the Russian-made S-400 anti-aircraft weapons system. Turkish currency has nosedived lately.

The euro has been under pressure in recent weeks on worries about euro zone bank exposure to Turkey after the lira crashed this month.

Turkey's Vice President Fuat Oktay wrote on Twitter that the doubling of tariffs was done "under the principle of reciprocity", in response to America's "conscious attacks on our economy".

The issue has led to a dramatic souring of U.S. -Turkey relations.

Trump calls former White House aide Omarosa a 'dog', launches court action
On Monday, the former senior aide revealed a recording she'd made of the President phoning her on the day after she was sacked . Back then, she wouldn't go as far as questioning Trump's character when it came to his attitude toward different races.

He later tweeted: "Turkey has taken advantage of the United States for many years". Doha has $20 billion worth of investments in Turkey, and Ankara is one of the top exporters to the emirate.

JP Morgan said moves by Turkish authorities showed they were committed to stabilising the currency with technical measures such as restricting foreign exchange swaps and cancelling repo auctions to push up the average cost of bank funding.

A Turkish court on Wednesday denied an appeal from pastor Andrew Brunson to be released from house arrest.

Many analysts along Wall Street, though, say they don't expect another Asian financial crisis.

Turkey has sought to persuade the United States to spare Turkey's state-owned Halkbank from a threatened fine for allegedly helping Iran evade USA sanctions.

Turkey said it would not be strong-armed into releasing Brunson, whose second appeal for release was rejected on Wednesday.

The currency lost almost 40 percent against the dollar this year, driven by worries over President Erdogan's growing influence on the economy and his repeated calls for lower interest rates despite high inflation.

President Recep Tayyip Erdogan has accused the United States of waging a targeted economic war on his country, and on Tuesday he proposed a boycott of US electronic goods.

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