Turkey will respond if United States imposes more sanctions: minister

Turkey's Move to Double Tariffs on US Goods a 'Step in the Wrong Direction,' White House Says

Around the same time as Mnuchin's comments, President Trump intervened on Tweeted that Turkey has "taken advantage of the United States for many years".

"U.S. Treasury Secretary Steven Mnuchin assured President Donald Trump at a Cabinet meeting that sanctions were ready to be put in place if Brunson was not freed".

"They should have given him back a long time ago, and Turkey has in my opinion acted very, very badly", Trump told reporters at the White House, referring to Brunson.

Turkey rejected a US appeal calling for the release of an imprisoned American pastor, but an upper court still needs to rule on that appeal.

The court ruling comes amid a diplomatic spat between Turkey and the United States that has seen tariffs from both sides pile up and an exchange of threats of further sanctions.

Last week, Washington doubled steel and aluminium tariffs on Turkey over its continued detention of U.S. pastor Andrew Brunson.

Mr Erdogan is angry that the U.S. has not taken more action against the Gulenist movement and what he said was a failure "to unequivocally condemn" the 2016 coup attempt. "He's a very innocent man", Trump said.

On Friday, Turkish Trade Minister Ruhsar Pekcan said her government would respond to any new trade duties imposed on the country, whose currency has plunged in recent weeks.

It is also creating the image that the U.S.is not a dependable ally and it can turn on its "friends" with such arrogance and indifference.

The Turkish lira is trading under its fair market value, and its depreciation is expected to narrow the current account deficit in Turkey, according to the Washington-based Institute of International Finance (IIF) on Tuesday.

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 USA electronic products on Tuesday.

Turkey's finance minister sparked a recovery in the lira yesterday after he addressed thousands of global investors on a conference call. It hit an all-time low of 7.2 lira to the dollar earlier in the week.

Although Qatar has now pledged $15 billion it has not actually paid anything, and it may not be enough to solve Turkey's economic problems.

The source said: "The two leaders underlined the importance of further strengthening economic and trade relations and boosting mutual investments between France and Turkey".

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