Published: Fri, August 17, 2018
Money | By Arnold Ball

Turkish lira trades below 6.0 against the dollar

Turkish lira trades below 6.0 against the dollar

Treasury Secretary Steven Mnuchin on Thursday evening said that the U.S. could look to impose fresh sanctions on Turkey if President Erdogan doesn't release imprisoned American pastor Andrew Brunson.

President Donald Trump condemned the detention of an American pastor in Turkey and warned that "we are not going to take it sitting down".

Tensions between Turkey and the United States have been on the rise as Trump has pressed for the release of the pastor.

Brunson is under house arrest after spending almost two years in a Turkish prison under what the Trump administration has said are bogus allegations of aiding terrorists.

During the meeting, Trump remarked that Turkey has "not proven to be a good friend". Trump, who counts evangelical Christians among his core supporters, has increasingly championed the pastor's case.

"President Trump's imposition of tariffs on steel and aluminum is about protecting American national security", the spokesperson said.

Paul Manafort declines to testify as defense rests
Ellis III whether he wished to testify in his defense, Manafort responded: "No, sir". "You don't really care about Mr. Andres took jurors through a methodical rundown of the 18 charges, and the documentary evidence supporting each.

Last week, the United States doubled its tariffs on metal imports from Turkey.

USA and Turkey relations have been souring, after President Trump doubled tariffs on Turkish steel and aluminum in response to his continued imprisonment.

In this file photograph taken on 25 July 2018, USA pastor Andrew Craig Brunson is escorted by Turkish plain clothes police officers to his house in Izmir. The currency has rebounded strongly after hitting a record low of 7.24 at the start of the week, bolstered by central bank measures to support it and Qatar's pledge to invest $15 billion in Turkey.

Sanders said the sanctions on Turkish Interior and Justice Ministers "would not be removed" until the release of Brunson. The lira's sharp decline has sparked fears in the global community of a Turkish economic crisis.

Toying with the Turkish economy and then bragging about it, piling trade restrictions on Turkish products imported by the USA with high tariffs and trying to sabotage the Turkish lira are not what the president of an ally country does. Trump added the pastor is a "very innocent man" and "we got somebody out for him - he needed help getting somebody out of some place".

Turkey's finance chief tried to reassure thousands of worldwide investors on a conference call Thursday, in which he pledged to fix the economic troubles. Its leader lives in Pennsylvania and the USA has rejected calls from Turkey to have him extradited.

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