Donald Trump Challenges Turkey: ‘We Are Not Going to Take It’

Donald Trump Challenges Turkey: ‘We Are Not Going to Take It’

The embattled lira fell three percent yesterday after a Turkish court rejected a United States pastor's appeal for release, drawing a stiff rebuke from Mr Trump, who warned the USA would not take the detention of Andrew Brunson "sitting down".

"We have responded to the measures the United States has taken, and will continue to do so based on our global trade law rights and in accordance to World Trade Organization rules", said the minister, Ruhsar Pekcan.

Albayrak's ministry said they had discussed USA sanctions against Turkey and agreed to act together in responding to such moves and to boost cooperation between their countries.

Last week, US President Donald Trump said he had doubled the tariffs on aluminium and steel tariffs from Turkey, prompting Ankara to sharply hike tariffs on several US products.

All the while, the lira has plummeted - even reaching a record low against the USA dollar early Monday before managing modest rallies in the following days.

The breakdown in relations between the two North Atlantic Treaty Organisation allies has thrust Brunson's case to worldwide prominence and made the 50-year-old American the unlikely center of attention in a currency crisis that has shaken global emerging markets. Washington has introduced sanctions against members of the Turkish government, citing the case and insisting that the pastor is innocent.

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An American pastor imprisoned in Turkey will not be allowed to go free. If found guilty, he faces up to 35 years in prison.

"We got somebody out for him", Trump said.

"We believe that the wave of RMB depreciation is probably over and that renewed fiscal stimulus (in China) will bring a halt to decelerating growth as well as higher interest rates supporting a stronger RMB", Alicia Garcia Herrero, chief economist for Asia Pacific at Natixis, said in a note.

Turkish Finance Minister Berat Albayrak and his French counterpart Bruno Le Maire, on a phone call, agreed to act together against U.S. sanctions against Turkey.

"Volatility seems to have fizzled out in the last 24 hours and the stability in the renminbi has helped emerging market currencies", he said, while cautioning that Italian political uncertainty would limit any euro upside.

Late Friday, both Moody's and Standard & Poor's rating agencies lowered Turkey's sovereign credit rating deeper into "junk" territory, citing "extreme volatility" and forecasting a recession next year.

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Memories of past emerging market crises, such as the Asian financial turmoil of 1997 and Turkey's 2001 crisis, came back to haunt investors this week and prompted a wave of selling across emerging market assets as a whole.

As The New York Times reports, "The sum is a small fraction of what Turkey would need to shore up its faltering economy or pay its dollar debts, which have become increasing unsustainable after a sharp decline in the Turkish lira".

Turkish markets will be closed from midday on Monday for the rest of the week for Eid Al Adha.

Despite its economic woes, Turkey did this week find support from friendly Qatar, which promised to make a $15 billion direct investment in the country.

Turkey has also in recent days shown an interest in repairing ties with Europe after a crisis sparked by Ankara's crackdown on alleged plotters of the 2016 failed coup.

More news: Hes innocent: US threatens more sanctions on Turkey if pastor not freed

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