Mnuchin Says Turkey Faces More Sanctions If Pastor Not Released

Qatari emir vows $15bn investment in Turkey after Erdogan meeting

After a series of tit-for-tat tariff escalations, US Treasury Secretary Steven Mnuchin warned on Thursday that the US has new sanctions ready to go if Turkey carries on refusing to release Brunson.

The dispute over Brunson and other frictions between Washington and Ankara have been one reason the Turkish lira has plunged 40 percent this year.

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

A diplomatic spat between Turkey and the United States over the detention of an American pastor has grown into a crisis, leading to the lira diving against the dollar.

Turkey's currency nosedived last week after Mr Trump doubled tariffs on Turkey's steel and aluminium exports to 50% and 20% respectively.

In response, Turkey raised tariffs on several US -made goods, including alcohol and tobacco products and vehicles.

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. They came out. They want to hold our wonderful pastor.

Meteor shower lights up skies over Bosnia
Chinese astronomers are credited with the being the first to record an observation of the meteor shower back in 36 A.D. They are an important tool to study the cosmic environment and the evolution of solar system bodies over time.

Turkey retaliated with some $533 million of tariffs on some US imports - including cars, tobacco and alcoholic drinks - and said it would boycott USA electronic goods, singling out iPhones.

Tensions between Turkey and the United States have been on the rise as Trump has pressed for the release of the pastor. Trump added the pastor is a "very innocent man" and "we got somebody out for him - he needed help getting somebody out of some place". The Turkish central bank tightened some rules around currency exchange. The tariffs that the United States placed on Turkey were out of national security interest.

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

Qatar, backed by Erdogan during the Saudi-led embargoes on the emirate in 2017, on Wednesday pledged to channel $15 billion of direct investment into Turkey, a sign of burgeoning ties between the two countries.

"Turkey isn't in favor of an economic war", Ibrahim Kalin said Wednesday, "but staying silent when attacked is out of question".

The threat comes as Turkey sought to reassure investors rattled by the sanctions-fueled crash of the Turkish lira, insisting the country would emerge stronger.

Related news:

Hot News

isis-killer-beheading-video-story-top Asian shares gain on U.S.-China trade talks, lira recovers
Aug 17, 2018 - 15:36
Turkish Foreign Minister Mevlut Cavusoglu told reporters that the top USA diplomat in Turkey would visit Brunson later Tuesday. Mr Erdogan has accused the U.S. of trying to "bring Turkey to its knees through threats over a pastor".

isis-killer-beheading-video-story-top Trump signs bill stopping USA government from using Huawei, ZTE technology
Aug 15, 2018 - 22:14
Now both companies are under fire again, as USA agencies are now banned from using their telecommunications technology. ZTE almost shut down after the USA government placed a trade ban on the company, which was finally lifted last month .

isis-killer-beheading-video-story-top Catholic priests abused 'thousands of children' in Pennsylvania
Aug 15, 2018 - 20:47
The document comes at a time of renewed scrutiny and fresh scandal at the highest levels of the US Catholic Church. Wuerl contended that he acted diligently to protect children while bishop of Pittsburgh for 18 years through 2006.

isis-killer-beheading-video-story-top Ex-Real Madrid boss Zinedine Zidane could be Manchester United's next manager
Aug 15, 2018 - 20:10
Both Jesse Lingard and Ashley Young could start against Brighton in the next Premier League match for Manchester United .

isis-killer-beheading-video-story-top Oil rises on concern over Saudi and Iranian supply
Aug 15, 2018 - 19:16
Yu was quoted as saying Monday that Iran is one of China's largest trading partners and it would continue to import its crude oil. Oil held steady even as Turkey's economic strife sparked an emerging-market sell-off, fueling fears of broader market turmoil.

isis-killer-beheading-video-story-top Search for survivors after Italian motorway collapse kills 26
Aug 15, 2018 - 15:29
Autostrade said it would work with investigators, and that it was already assessing how to rebuild the bridge. Autostrade said work to reinforce the slab under the road surface was going on at the time of the collapse.

isis-killer-beheading-video-story-top Ben Stokes added to England squad for third Test
Aug 14, 2018 - 20:13
But the jury returned a verdict of not guilty against the England cricketer and also cleared Ali of the same charge. Jonny Bairstow says he is "delighted" that England team-mate Ben Stokes has been found not guilty of affray .

isis-killer-beheading-video-story-top Singer Aretha Franklin gravely ill in hospital
Aug 14, 2018 - 18:25
The person spoke on the condition of anonymity because the person was not allowed to publicly talk about the topic. Martin Luther King Jr . where she performed a stirring rendition of " Precious Lord, Take My Hand ".

isis-killer-beheading-video-story-top Google Pixel 3 XL smiles for the camera
Aug 14, 2018 - 17:44
Google is expected to launch its latest flagship series of smartphones - the Google Pixel 3 and Pixel 3 XL in early October . And why not - it features a dual camera setup and an earpiece that also acts as the second speaker for the stereo setup.

isis-killer-beheading-video-story-top President Trump calls Omarosa a ‘dog’ in angry early-morning tweet
Aug 14, 2018 - 17:13
I told him to try working it out, if possible, because she only said GREAT things about me - until she got fired!" he wrote . On Tuesday, she explained to CBS News why she made the recordings: "I'm the kind of person who covers her own back.

isis-killer-beheading-video-story-top Solar eclipse this weekend
Aug 14, 2018 - 15:40
Viewers of solar eclipses are advised to never look directly at the Sun, and either wear specialised glasses or viewing boxes. The eclipse with be across the northern hemisphere , with the best view stretching over Siberia and far-northeastern Canada.

isis-killer-beheading-video-story-top Stocks drop on Monday as Turkey lira crisis continues
Aug 13, 2018 - 18:25
Meanwhile, the U.S. government is using the lira crisis to ramp up pressure on Turkey over its detention of an American pastor . Japan's Nikkei lost 1.6 percent, China's blue-chip index lost 1.4 and Hong Kong stocks were also down 1.6 percent.

isis-killer-beheading-video-story-top Omarosa says Trump was like ‘dog off the leash’
Aug 13, 2018 - 15:57
Omarosa also says there are tapes that exist in which Trump used the n-word on the set of the TV show, " Celebrity Apprentice ". According to Omarosa , Trump referred to George Conway , who is half Filipino, as a "Flip" and a "Goo-goo".

isis-killer-beheading-video-story-top Aretha Franklin in serious condition; hospitalized in Detroit
Aug 13, 2018 - 14:25
She last performed less than a year ago in November of 2017 at a fundraiser for the Elton John AIDS Foundation in NY . The news emerged Sunday evening, and many are eagerly awaiting further corroborating reports.

isis-killer-beheading-video-story-top Turkey's Erdogan condemns 'shameful' United States over detained pastor
Aug 13, 2018 - 14:20
Trump's "jubilation in inflicting economic hardship on its North Atlantic Treaty Organisation ally Turkey is shameful", he wrote. Erdogan downplayed the currency crisis in a speech on Friday, advising Turks not to be anxious over exchange rate fluctuations.