Mnuchin Says Turkey Faces More Sanctions If Pastor Not Released

Turkey increases tariffs on some U.S. goods escalating feud

A Turkish court on Wednesday rejected a new appeal to free USA pastor Andrew Brunson, whose detention has sparked a major row between Turkey and the United States, local media reported.

According to the Hurriyet Daily, a significant number of importers have begun to withdraw their short and long-term orders after Turkish President Recep Tayyip Erdogan's appeal to boycott US electronic products on Tuesday.

The Qatari money will be channelled into banks and financial markets, a Turkish government source told Reuters.

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.

Washington's move came during an ongoing dispute over Turkey's holding of an American pastor for two years.

Qatar has promised to make a Dollars 15 billion direct investment in Turkey, badly hit by a currency crisis amid a widening diplomatic standoff with the United States, officials said.

During the Cabinet meeting on Thursday, US President Donald Trump said that Turkey hasn't turned out to be a great friend to the US.

"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 United States and Turkey have exchanged tit-for-tat tariffs in an escalating attempt by Trump to induce Turkish President Tayyip Erdogan into giving up Brunson, who denies charges that he was involved in a coup attempt against Erdogan two years ago.

Sanders said Brunson's release would not lead to an easing in the tariffs, but that it could lead to an easing in sanctions.

"The tariffs that the United States placed on Turkey were out of national security interests".

Despite the political tensions, the lira rebounded some 6 per cent on Wednesday, strengthening to around 6.0 to the dollar.

Qatar's royal court released a statement saying Al-Thani "issued directives that will see the State of Qatar to provide a host of economic projects, investments, and deposits" worth $15 billion to support the Turkish economy. Cavusoglu said ties with the bloc, which have been strained in recent years, were on a firmer basis and had started normalising.

Turkish authorities have called on their citizens to sell their foreign currency in order to bolster the lira.

The lira firmed as far as 5.75 against the dollar on August 15 and stood at 6.1320 at 8:43 ET in a move initially triggered by the Turkish court decision on the Greek soldiers who faced espionage charges.

"However, as there is a limit on short positions for offshore investors, the impact on TRY (lira) asset prices and short term swap rates will likely be higher than that on the currency", he said in a note to clients.

Related News:

  • Gold box office collection Day 2: Akshay Kumar's film is on fire

    Gold box office collection Day 2: Akshay Kumar's film is on fire

    Gold witnessed a significant dip in its collection on its second day, given that it was a working day. Helmed by Reema Kagti , " Gold " hit the screens on Independence Day .
    Madonna Celebrates 60th Birthday With Some 'Nomad Magic' -- See the Selfies!

    Madonna Celebrates 60th Birthday With Some 'Nomad Magic' -- See the Selfies!

    In another picture, she showed herself again with an Amazigh look calling herself "BerberQueen". There were also plenty of tributes to the pop star.
    NSW bushfires: very high fire danger as damaging winds forecast

    NSW bushfires: very high fire danger as damaging winds forecast

    That contingent is helping to co-ordinate responses to huge blazes that continue to burn in California and other U.S. states. Residents near the fire were seen covering their faces in a bid to escape the smoke that were rising above their homes.
  • 'Queen of Soul' Aretha Franklin has died

    'Queen of Soul' Aretha Franklin has died

    Former US president Bill Clinton and his wife Hillary paid tribute to "one of America's greatest national treasures". The mother of four boys has also had severe weight issues and has struggled with alcoholism and smoking addictions.

    "OPPO F9 Launched with 6.3" Waterdrop Screen & 25MP Selfie Camera

    This time around, Realme is expected to pack an impressive Snapdragon processor and quality camera hardware in its phone. Furthermore, the device seems to feature a diamond-cut rear panel finish which is identical to that in the Realme 1 .
    Steel tariffs will save industry

    Steel tariffs will save industry

    While some steelmakers have expanded US production in the wake of the tariffs, other USA manufacturers remain heavily dependent on imported metals.
  • Storm Ernesto is heading our way with torrential rain this weekend

    Storm Ernesto is heading our way with torrential rain this weekend

    However, there will be a little bit of sunshine during the early hours of the day before it gradually turns misty and murky. Subtropical Storm Ernesto has recently formed over the north Atlantic and it's set to reach Ireland by Saturday night.
    China’s Tesla-killer ready to go public in NY

    China’s Tesla-killer ready to go public in NY

    As of July 31, NIO had a total of 17,000 valid orders, produced more than 1,300 ES8, and delivered 481 of them. Lead underwriters on the deal are Morgan Stanley (NYSE: MS), Goldman Sachs (Asia) LLC (NYSE: GS), and J.P.
    Sara Ali Khan makes her Instagram debut

    Sara Ali Khan makes her Instagram debut

    Loaded with Oreo, Kit-Kat, Ferrero Rocher and Nutties - Saif's birthday cake could give anyone a chocolate rush. Saif marked his special occasion with a midnight party for a group of familiar guests at his Mumbai home.
  • Ruben Loftus-Cheek wants Chelsea stay amid Schalke links

    Ruben Loftus-Cheek wants Chelsea stay amid Schalke links

    If Kovacic is ready, he will come into contention to battle with Barkley and Loftus-Cheek for Chelsea's third midfield spot. This is an opportunity for Loftus-Cheek to be in a starting lineup on a consistent basis and be a presence in the midfield.
    Qatar pledges $15 billion to invest in Turkey

    Qatar pledges $15 billion to invest in Turkey

    White House press secretary Sarah Sanders that Washington will withdraw sanctions on Turkey if Brunson was set free. Lira's downward spiral has increased the already-high inflation in Turkey, which is nearing 16 percent.
    Elton John Posts Heartfelt Tribute to Aretha Franklin

    Elton John Posts Heartfelt Tribute to Aretha Franklin

    The performer, who became the first woman inducted into the Rock and Roll Hall of Fame , was diagnosed with the illness in 2010. Franklin cancelled planned concerts earlier this year after she was ordered by her doctor to stay off the road and rest up.


Most liked

Ariana Grande Sings 'My Heart Will Go On' & Sounds Amazing!
Of course, Grande and Corden transition to Nelly's "Ride wit Me" as they act out a PG version of Rose and Jack's sexy auto scene. Corden shared the video of the episode on Twitter and tagged Grande. "Ice Ice Baby" is a cheeky add-on.

Gmail Brings Confidential Emails to Mobile
Gmail's confidential mode is an interesting feature for email that provides low-level protection for your messages. The company today launched Confidential Mode for emails on Gmail , letting users protect the emails they send.

Tribute to Atal Bihari Vajpayee: Odisha Govt declares holiday tomorrow
He was taken to the hospital with chest congestion, kidney infection, urinary tract infection and other associated conditions. Another man, in his early 20s, said he had come all the way from Bihar to pay homage to the former prime minister.

Unai Emery confirms who will play in goal for Arsenal against Chelsea
We are playing with this personality and we need to improve this personality with better performances on the pitch. It took Guardiola time to get Manchester City playing the way he wanted.

John Elway: Colin Kaepernick Had His Chance To Join Broncos In 2016
And I said in my deposition, and I don't know legally if I'm able to say this, but he had his chance to be here. Back in May, Elway gave a deposition for the lawyers of Kaepernick in his collusion case against the NFL.

Ebola death toll in DR Congo touches 41, doctors try new drug
Ebola is a highly infectious disease that causes a fever and often leads to massive internal bleeding and death. The area surrounding Beni and Mangina-the epicentre of the outbreak-is more or less surrounded by armed groups.

Seahawks’ first-round pick Rashaad Penny reportedly having finger surgery
In April, Penny became only the third running back the Seahawks drafted in the first round, after Curt Warner and Shaun Alexander. When pressed about his readiness for Week 1's contest against the Broncos , Carroll made it clear he expects Penny to suit up.

Davis Cup overhauled for 2019 with season-ending team event
Twenty-four teams would compete in home and away ties in February, with 12 winning teams advancing to the finals in November. Nor some of his peers, including Pouille, who's France club won the 2017 Davis Cup in front of their home crowd.

Tottenham demand £178m from Real Madrid to sign Christian Eriksen
Real Madrid have already shown their interest in Eriksen to replace Croatian veteran Luka Modric if he moves to Inter Milan . At the last count the Portuguese claimed four Champions League titles as well as Real's all-time top goal scorer.

Aretha Franklin is remembered by friends, artists and fans
Rhythm and blues singer Aretha Franklin performs at the inaugural gala for President Clinton in Washington on January 19, 1993. She would sing at King's funeral a decade later. "It certainly has sustained me to this day".

Highlights of Ontario's online platform, private retail model
The press release did not say if retail stores will have an online option to sell marijuana in April once they have been licenced. Finance Minister Vic Fideli said the provincial government will work together with municipalities to make their own decisions.

Kevin De Bruyne injures knee during Manchester City training
Manchester City are sweating on the fitness of Kevin De Bruyne after the Belgian suffered a knee injury in training on Wednesday. De Bruyne only returned to full training last week after a delayed summer break following the World Cup.

Aretha Franklin dies at 76
In 1987, she became the first woman inducted into the Rock and Roll Hall of Fame . She would sing at King's funeral a decade later.

Serena Williams and former stylist Kanye West has created a collection of
The designer first partnered with Nike a year ago , when he was enlisted to reimagine 10 styles from the brand's sneaker archive. This is the first time Abloh and Nike team up to develop apparel pieces, after a successful partnership in footwear.

Safety issues force Spurs to delay move from Wembley to new stadium
Therefore, their home Premier League matches against Liverpool and Cardiff City - the latter on October 6 - will have to be played at Wembley.