Turkish lira falls against the dollar as Trump hints at further sanctions


A Turkish court Friday rejected the appeal for release filed by American pastor Andrew Brunson, who is charged with links to terrorism.

President Donald Trump last week ramped up his attack on Turkey by doubling USA tariffs on Turkish aluminum and steel imports. "He's not a spy".

President Trump says American Pastor Andrew Brunson is being held on a "phony charge" and should have been returned to the U.S. Since the U.S. has large numbers of troops positioned in Qatar and Turkey, it's not clear they could afford to alienate both by escalating the diplomatic conflict too far.

Recep Tayyip Erdogan, the Turkish president, said last Saturday: "I call out to those in the United States".

FILE PHOTO: A USA dollar banknote is seen on top of 50 and 100 Turkish lira banknotes in this picture illustration in Istanbul, Turkey August 14, 2018.

The pastor row is one of several between the North Atlantic Treaty Organisation allies, including diverging interests in Syria and USA objections to Ankara's ambition to buy Russian defence systems, that have contributed to instability in Turkish financial markets. They came out. They want to hold our wonderful pastor.

The currency was supported by Turkey's plan to cut spending, support for the banks and Qatar's pledge to invest $15bn in the country. Turkey retaliated with some $533 million of tariffs on some USA imports - including cars, tobacco and alcoholic drinks - and said it would boycott US electronic goods, singling out Iphones.

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The lira had nosedived in recent weeks, hitting a record low of 7.24 earlier this week, amid a diplomatic and trade dispute with the United States that has exacerbated investor concerns over Turkey's economy.

"Turkey has taken advantage of the United States for many years, " Trump tweeted.

The ongoing case has caused a deterioration in U.S.

Almost 10 million people use US' iPhones in Turkey, press reports said, adding that the amount paid for the products hit $7 billion in 10 years. On Friday, a court rejected another appeal to free him.

Trump, who doubled steel and aluminium tariffs on Turkey, said the steel tariffs have kicked in the aluminium tariffs will take effect soon.

The 50-year-old faces 35 years in prison, which would amount to a life sentence. The lira's sharp decline has sparked fears in the worldwide community of a Turkish economic crisis.