Turkey's president says country will defy economic threats

by Ben Pena August 19, 2018, 0:34
Turkey's president says country will defy economic threats

Only hours after a Turkish court rejected an appeal on Friday for the release of a USA pastor from house arrest, President Donald Trump said Ankara had acted "very, very badly" in the case and the United States was "not going to take it sitting down".

The US pastor, who has already spent almost two years behind bars in Turkey, has denied the charges, calling them "shameful and disgusting". "If the traitor in Pennsylvania is extradited to our country, the handover of the pastor may be in the offing, and both countries will get what they want", Devlet Bahceli, leader of a far-right political party allied with Erdogan, said Wednesday in Ankara, according to the Anadolu news agency.

On Aug. 10, President Donald Trump ramped up his attack on Turkey by doubling US tariffs on Turkish aluminum and steel imports. Gulen has denied the charges, and the USA has rejected every request to force him from his compound in Pennsylvania to stand trial in Turkey.

"There was considerable risk aversion through the early part of the week with fears of Turkish contagion weighing on risk assets and that seems to have reversed somewhat here", said Karl Schamotta, a strategist at Cambridge Global Payments in Toronto.

Meanwhile, President Recep Tayyip Erdogan's has consolidated power over the central bank, and pushed for it to refrain from raising interest rates to support the currency, as experts say it should.

Fitch Ratings had earlier said the absence of an orthodox monetary policy response to the lira's fall, and the rhetoric of Turkish authorities, had "increased the difficulty of restoring economic stability and sustainability".

How major USA stock indexes fared Thursday Consumer News
Shares of Apple (AAPL.O) rose 0.8 percent , while those of Amazon (AMZN.O) were up 0.6 percent and Microsoft (MSFT.O) 0.4 percent. Chip stocks fell after Morgan Stanley downgraded the USA semiconductor industry saying upside to estimates is hard to come by.

Now, they are threatening further action if Pastor Andrew Brunson is not released from House arrest.

A decree by Mr Erdogan doubled Turkish tariffs on imports of USA passenger cars to 120 per cent, alcoholic drinks to 140 per cent and leaf tobacco to 60 per cent. Tariffs were also doubled on goods such as cosmetics, rice and coal. This happened several weeks after Washington imposed sanctions on two high-ranking Turkish officials, and promised more restrictions if Brunson isn't freed.

The Turkish president emphasized Turkey's determination to eliminate all threats from Syria and Iraq. Turkey's dollar bonds fell, while the cost of insuring exposure to Turkish debt rose. However, much of the ill will shared by Turkey and the USA stems not only from the back-and-forth on tariffs, but also from a diplomatic dust-up centered on two men of "faith".

Erdogan has remained defiant, urging Turks to sell their gold and dollars for lira.

Brunson, an evangelical Christian cleric from North Carolina, was detained by Turkish officials in 2016 over terrorism and espionage charges.

"Turkey - they have not proven to be a good friend, they have a great Christian pastor there, a very good man", he said.

Recommended News


TOP News

Pence lays out plans for Trump's "Space Force"
Mr Pence said that the United States administration will work with congress on the plan, and will outline a budget next year. A better idea would be elevating an organization within the Air Force to deal with space, Thompson said.

Turkey's finance chief: Action plan ready to ease markets
Meanwhile, Mohammed Javad Zarif, Iran's foreign minister, accused Washington of an "addiction to sanctions and bullying". On Sunday , he said the lira's free-fall was the result of a plot and did not reflect Turkey's economic fundamentals.

Greek tragedy as AEK knock Rogic's Celtic out of Champions League
I thought a lot of our build-up play was worth something from the game but you can't defend that softly. They have spent £2m on disco lights at Celtic Park for Champions League nights.

Airline mechanic steals and crashes plane in US
Instead, the F-15 pilots and air traffic controllers tried to guide the plane west, away from populated areas, said Hillier. In his 26 years as a commercial airline pilot, Dan Stratman said he's never seen anything like the Seattle incident before.

Man City boss Guardiola blames World Cup for De Bruyne injury
He is one of the most fascinating, incredible players in the whole history of Spain. They (the football authorities) say "let's go" and we are in the competition.

Pres. Trump: We Won't Pay For Pastor's Release Because He's Innocent
The Turkish Lira has lost almost 40 percent of its value against the USA dollar since the start of the year. Its leader lives in Pennsylvania and the USA has rejected calls from Turkey to have him extradited.

Jose Mourinho confirms several absentees for Leicester City opener
Mourinho had warned it would be a "difficult season" if United did not make any more acquisitions and it now looks like his side will miss out.

AC Milan Making Progress Towards Signing Chelsea Star
New Chelsea manager Maurizio Sarri has reportedly declared France worldwide Tiémoué Bakayoko surplus to requirement this season. Tiemoue Bakayoko is on the verge of joining AC Milan on-loan with an option to buy, according to reports in Italy.

FLASHBACK: Ocasio-Cortez Accused Primary Opponent of 'Avoiding a Debate'
Beginning a year ago , Sanders-backed candidates faltered in an Omaha mayoral race and a nationally watched House race in Montana. Tuesday night brought Sanders and his army their latest blow, with a pair of high-profile losses in MI and Kansas.

President Trump visits Fort Drum
While Trump praised the military during his remarks at New York's Fort Drum, the president did not address McCain . Although Trump himself never served in the military, he had the courage to attack McCain and his service.