Turkey's president says country will defy economic threats

Resurgent dollar sends commodities reeling again

Turkey, meanwhile, is frustrated by the refusal of the U.S.to extradite a Pennsylvania-based Muslim cleric accused by Turkish authorities of engineering the coup attempt.

The fight between the United States and Turkey could flare up even more, as the White House looks to ramp up the pressure over a detained American pastor.

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.

President Donald Trump doubled tariffs on Turkish metals exports to the United States last week prompting Turkey, which says it will not bow to threats, to raise tariffs on USA cars, alcohol and tobacco by the same amount on Wednesday. Lawmakers in Washington passed a bill effectively delaying the shipping of F-35 fighter jets to Turkey.

The Turkish lira fell 5 percent Friday after the Turkish court released its decision.

"Some people threaten us with economy, sanctions, foreign currency exchange rates, interest rates and inflation".

The Turkish lira has been in a steady slide and reached an all-time low earlier this week.

The fate of Andrew Brunson, charged with terror offenses by a Turkish court, also overshadows the predicament of a Turkish-American scientist from NASA and several Turkish workers for the US diplomatic mission who were arrested in Turkey.


The US has already imposed sanctions on two Turkish government ministers and doubled tariffs on Turkish steel and aluminium imports.

Last Wednesday, in retaliation, Turkey increased tariffs on several USA -origin products, including alcohol and tobacco products and cars.

It estimates Turkey's short-term external debt at $180 billion and total external debt at $460 billion - the highest in emerging markets.

Though Turkey's financial troubles did not originate with the battle over Brunson's release, the moves have sped up the Turkish economy's decline. Erdogan has in turn slapped sanctions on US goods.

It has lost almost 40 per cent of its value against the greenback this year, hit by both the diplomatic rift and investor alarm about President Tayyip Erdogan's influence over monetary policy.

Mr Trump later said in a tweet that the USA "will pay nothing" for Brunson's release, "but we are cutting back on Turkey!"

Turkey's currency remains steady against the dollar despite an apparent threat of possible new sanctions by U.S. President Donald Trump.

The Turkish lira has plunged to record lows in recent weeks over an unprecedented spat with North Atlantic Treaty Organisation ally the United States over the detention of an American clergyman, Andrew Brunson, charged with espionage and terrorism. They are now holding our wonderful Christian Pastor, who I must now ask to represent our Country as a great patriot hostage.

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