Trump attacks Turkey, vows to pay "nothing" for US pastor's release

Trump attacks Turkey, vows to pay

US Vice President Mike Pence also renewed his threats to Turkey on Wednesday, warning that he and Trump would "stand firm" until Brunson is released.

Erdogan has called on Turks to exchange their dollars for lira in order to shore up the domestic currency.

The lira hit a record low of 7.24 against the USA dollar over concerns about President Tayyip Erdogan's grip on monetary policy and an ongoing row with the United States.

The escalating feud between the longtime North Atlantic Treaty Organisation allies is playing out against a backdrop of economic tumult in Turkey, which has seen steep drops in the country's currency, the lira.

Putting all the mathematics and statistics together, it concludes that there are 8.5 times more iPhone users worldwide than there are people in Turkey.

In the previous session, the dollar index, which measures the strength of dollar against a basket of six major currencies reached an over 13-month high level of 96.984.

The Turkish lira eased slightly but remained below 6.0 against the dollar on Thursday after the United States ruled out removing steel tariffs on Turkey even if Ankara frees a USA pastor, and after Qatar pledged $15 billion in investment to Turkey. He went on Twitter to describe the priest as a "great patriot" taken "hostage" by Turkey.

The growing tensions between Washington and Ankara have sent the Turkish currency tumbling to historic lows.

Turkey and its firms face repayments of almost $3.8 billion on foreign currency bonds in October, Societe General has calculated.

Asian shares gain on U.S.-China trade talks, lira recovers
Turkish Foreign Minister Mevlut Cavusoglu told reporters that the top US diplomat in Turkey would visit Brunson later Tuesday. While Turkey descends into a currency crisis, the Turkish Lira has fallen to a record low of TL 7.23 to the Dollar .

The lira rose as he spoke.

Standard & Poor's is scheduled to release a review of Turkey's sovereign credit rating after market close on Friday.

"We've already responded based on the World Trade Organisation rules and will continue to do so", Trade Minister Ruhsar Pekcan was quoted as saying by the state-run Anadolu news agency.

Turkish markets will be closed from midday on Monday for the rest of the week for the Muslim Eid al-Adha festival.

Also worrying investors has been President Recep Tayyip Erdogan's refusal to allow the central bank to raise interest rates to support the currency, as experts say it should.

Qatar has pledged to channel $15bn of direct investment into Turkey, a sign of burgeoning ties between the two countries.

USA retail sales rose more than expected in July as households boosted purchases of motor vehicles and clothing, suggesting the economy remained strong early in the third quarter. Turkey is dependent on imports, priced in hard currency, for nearly all of its energy needs.

"The tariffs that the United States placed on Turkey were out of national security interests". But the sell-off has increased the cost of servicing that debt, particularly for companies whose revenues are exclusively in lira. Washington later said it was ready to impose further economic sanctions on Turkey.

Related Articles

  • Samsung aims to deliver quality sound via Galaxy Home speaker

    Samsung aims to deliver quality sound via Galaxy Home speaker

    Noteworthy is the Galaxy Note 9's 4,000-mAh battery that's large for any smartphone and should give it superior battery life. The Galaxy Tab S4 also features new and improved capabilities created to manage your connected devices and lifestyle.
    On Earth see the peak of the meteor shower of Perseids

    On Earth see the peak of the meteor shower of Perseids

    According to the American Meteor Society lists 12 different annual meteor showers that will be visible on Earth. It is the largest object known to pass by Earth repeatedly.
    President Trump calls ex-aide ‘crazed, crying, lowlife dog’

    President Trump calls ex-aide ‘crazed, crying, lowlife dog’

    But the former White House aide writes in her book that she "refused" to sign an NDA. However, Pruitt denied he was in possession of the tapes, HuffPost reported.
  • Chinese official to visit U.S.  to resume talks to end trade war

    Chinese official to visit U.S. to resume talks to end trade war

    Trade Representative Robert Lighthizer has been meeting with Mexican officials as the US works to renegotiate NAFTA. Trump asked Kudlow in the Cabinet meeting how the USA economy was doing compared to China's economy.
    Paxton Lynch Got Booed Off The Field, And You Can See Why

    Paxton Lynch Got Booed Off The Field, And You Can See Why

    We had 16 defensive linemen on the roster and like you mentioned, we are down two, [Fowler and Smoot], so we still have 14". He's had a great camp. "It's his turn to be the 2, it's his turn". "He's earned that right".
    Iran's Khamenei rejects talks with Trump

    Iran's Khamenei rejects talks with Trump

    Khamenei continued, "Economic experts and many officials believe that on this issue the prime agent is not foreign but domestic". US President Donald Trump has warned that any country trading with Iran will "not be doing business with the United States".
  • Former Indian Prime Minister Atal Bihari Vajpayee Dies

    Former Indian Prime Minister Atal Bihari Vajpayee Dies

    His futuristic policies across various sectors touched the lives of each and every citizen of India", Modi tweeted Thursday. According to sources, caretaker law and information minister Ali Zafar will represent Pakistan at the former PM's funeral.
    Manafort won't testify in fraud trial

    Manafort won't testify in fraud trial

    A jury could begin deliberating on the case later today, according to United States media. Prosecutor Greg Andres, who has had the strongest confrontations with Ellis, said "yes".
    Taliban cling to pockets of Afghan city after assault

    Taliban cling to pockets of Afghan city after assault

    TV and radio stations were set on fire and heavy fighting was reported around key government installations in the city centre. Faqiri claimed that Taliban used the Afghan forces' focus on the city to attack and capture the district centers.
  • Videos posted by murdered mom show happy, loving family

    Videos posted by murdered mom show happy, loving family

    Shanann Watts posted selfies of her and her husband smiling in restaurants, in front of the ocean on vacation and at their house. In an interview with KMGH before his arrest , Chris Watts said his wife got home from a business trip about 2 a.m.
    Oil prices edge up on Iran sanctions, but trade tensions drag

    Oil prices edge up on Iran sanctions, but trade tensions drag

    The US has started implementing new sanctions against Iran, which from November will also target the country's petroleum sector. U.S. oil output from seven major shale basins is expected to rise 93,000 bpd in September to 7.52 million bpd, the U.S.
    Trump visits Fort Drum to sign military spending bill

    Trump visits Fort Drum to sign military spending bill

    Separately, the NDAA authorizes spending $7.6 billion for 77 F-35 Joint Strike Fighter jets, made by Lockheed Martin Corp. Besides setting policy and spending levels, the bill weakens a bid to clamp down on Chinese telecom company ZTE.