Turkey's Erdogan hits back with retaliatory Sanctions

Cryptocurrency Market Loses $43 Billion in Five DaysCryptocurrencyAltcoin News By Osato Avan Nomayo Last updated Aug 13 2018

Treasury Secretary Steven Mnuchin said additional USA sanctions are ready if Turkey refuses to release an American pastor whom the Trump administration says is illegally detained.

The talks come as the United States and Turkey, two major North Atlantic Treaty Organisation allies, are engaged in a bitter diplomatic and trade dispute over the detention of an American pastor accused of terror related charges that has helped drive the Turkish currency to record lows last week before recovering some of its losses in recent days.

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

President Donald Trump tweeted on Thursday that the USA will "pay nothing" for the release of a jailed American Pastor in Turkey, but would punish Ankara if he is not released.

Trump, who has doubled steel and aluminum tariffs on Turkey, said the steel tariffs had kicked in and the aluminum tariffs would take effect soon.

The United States on Wednesday imposed sanctions on a Russian port service agency and Chinese firms for aiding North Korean ships and selling alcohol and tobacco to Pyongyang in breach of U.S. sanctions aimed at pressuring North Korea to end its nuclear programs.

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In a series of tweets, Trump also tweeted comments critical of Brennan, including that he "has gone off the deep end". Brennan is not facing any formal charges of violating any regulations or laws .

Following the Qatar news, the lira firmed briefly to 5.8699 from 6.04 to the dollar, before easing back to 6.0500 by 1658 GMT.

Andrew Brunson, a 50-year-old Christian pastor, was detained two years ago in Turkey on spying charges, and faces up to 35 years in prison if found guilty.

The US present had harsh words for Turkish officials during the cabinet session, saying, "They have not proven to be a good friend".

'The import duties were increased on some products, under the principle of reciprocity, in response to the USA administration's deliberate attacks on our economy, ' Vice President Fuat Oktay wrote on Twitter.

The U.S. economy is 25 times larger than Turkey's, based on nominal GDP.

Finance Minister Berat Albayrak, Erdogan's son-in-law, told investors on Thursday that Turkey would emerge stronger from the currency crisis, insisting its banks were healthy and signalling it could ride out the dispute with Washington.

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A court refused to release Mr Brunson, and the the government in Ankara increased tariffs on imports from the United States of cars, alcoholic drinks and leaf tobacco - and the lira recovered slightly.

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

On Monday, the central bank said it would provide all the liquidity Turkish banks needed, as it seeks to keep money flowing in the financial system.

Turkish President Tayyip Erdogan announced yesterday that the country would boycott all electronics from the U.S. amid tension and rising conflict between the two countries and its leaders.

The Turkish lira built upon Wednesday's gains, when Qatar pledged to invest $15 billion in Turkey.

The recent rebound in the Turkish currency came after Qatar announced a $15 billion support package and the country's banking regulator moved to limit the amount of the local currency banks can swap for foreign currencies with counterparts.

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