US Warns Turkey of Sanctions if it Does Not Release Pastor

Turkey to'continue taking steps to save lira's value

Turkey's Foreign Minister Mevlut Cavusoglu on Thursday reiterated his criticism of US's current political stance against Turkey.

"Turkey is not in favor of an economic war, but we can not remain with no reaction if there is an attack on us", Erdogan spokesman Ibrahim Kalin said.

Finance Minister Berat Albayrak, the son-in-law of President Recep Tayyip Erdogan, addressed hundreds of foreign investors from the United States, Europe and Asia via a conference call in a bid to soothe the markets.

Robust U.S. economic data this year, even as Europe and other major economies have lost some steam, has helped keep the U.S. Federal Reserve on track to raise interest rates twice more this year, which should boost the appeal of the dollar further.

Trump adds, "We will pay nothing for the release of an innocent man, but we are cutting back on Turkey!"

On Wednesday, a court rejected an appeal for Mr Brunson's release from detention and for a travel ban against him to be lifted, the state-run Anadolu Agency reported.

The Turkish lira has lost more than 40 percent of its value against the dollar this year, hit by worries over President Tayyip Erdogan's calls for lower interest rates and fraying ties between the United States and Turkey, a North Atlantic Treaty Organisation ally.

However, the currency market's reaction to his conference call - in which he also said Turkey had no plans to seek help from the International Monetary Fund or impose capital controls to stop money flowing overseas - was measured.

Turkey doubles tariffs on some U.S. imports over economy "attacks"
The second is that Erdogan would have to bury his hatchet with the United States , which remains the IMF's largest shareholder. Turkey asked the U.S. to get a prisoner out of Israeli jail, which the USA did the next day, according to The Guardian .

Turkey should commit to sound economic policies to promote stability and reduce imbalances at a time of market volatility, an International Monetary Fund spokesperson said on Wednesday as a row between Washington and Ankara over the jailing of an American pastor dragged on.

Sanders also criticized Turkey's imposition of tariffs on some US goods as "regrettable and a step in the wrong direction".

President Donald Trump has repeatedly called for a weaker us dollar in a bid to help USA exporters, but his recent trade policies, including the imposition of import tariffs on some Turkish goods, have had the opposite effect of strengthening the greenback.

Meanwhile, Mr Trump said that the United States "will pay nothing" to Turkey for the release of detained American pastor Andrew Brunson, who he called "a great patriot hostage". Few saw a Bank of England interest rate hike earlier this month as a vote of confidence in the economy, since Britain's future, and access to European markets, remains in doubt. Turkey had previously said it would boycott U.S. electronic products.

Erdogan has remained combative towards Trump's economic decisions, vowing to boycott USA products such as the iPhone.

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

Turkish officials say the case is a matter for the courts.

President Recep Tayyip Erdogan accused the United States of seeking to "stab" Ankara "in the back" - deepening the row between the two countries. Erdogan held a similar conversation with German Chancellor Angela Merkel on Wednesday.

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