More US sanctions for Turkey if they don't obey

More US sanctions for Turkey if they don't obey

More US sanctions for Turkey if they don't obey

Turkey has retaliated with $533 million-worth of tariffs on US imports, including tobacco and alcohol.

Mevlut Cavusoglu's remarks came after US President Donald Trump said Turkey "has not proven to be a good friend" during a Cabinet meeting Thursday.

US pastor Andrew Brunson arrives at his home after being released from prison in Izmir, Turkey on July 25, 2018.

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.

The lira has lost nearly 40 per cent of its value against the dollar this year as the feud between Mr Trump and President Erdogan has deepened.

President Donald Trump speaks during a signing ceremony for the "Strengthening Career and Technical Education for the 21st Century Act", at Tampa Bay Technical High School, Tuesday, July 31, 2018, in Tampa, Fla.

"They have a great Christian pastor there".

Despite the release of the Greek soldiers and the Amnesty International chair, a court ruled on Wednesday to extend United States pastor Andrew Brunson's from house arrest.

Erdogan and his French counterpart Emmanuel Macron agreed in a phone call Thursday to foster trade ties, a Turkish presidential source said.

The Trump administration has said Turkey could face additional sanctions if he isn't quickly released.

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Turkish officials say the case is a matter for the courts.

Turkey on Friday threatened to respond if the United States levied further sanctions over the detention of an American pastor, which has sparked a diplomatic standoff and battered the Turkish currency.

Turkish officials say they want to engage the European Union and Erdogan held a phone called with German Chancellor Angela Merkel this week and was to set to speak to French President Emmanuel Macron on Thursday.

Turkey's currency lost more than 20 percent against the U.S. dollar last week, and the country was in need of an urgent boost to build investor confidence and avoid an escalation of the country's impending banking collapse.

On the same day, Turkey announced it would be increasing tariffs on some United States imports.

The two North Atlantic Treaty Organisation members are at odds over Turkey's detention of an American pastor, which has triggered a trade row and sent the local currency the lira into a tailspin.

The sanctions are believed to have further exacerbated economic turmoil in Turkey, which some believe has its roots in misguided economic policies of the government in recent years. The pastor was arrested in 2016 after the failed coup attempt and has been held in remand since.

Analysts also said the political cost of the investment remained to be seen, given that Qatar is also a U.S. ally and dependent on Washington for both military and political protection.

Erdogan has cast the tariffs, and the sell-off in the lira, as an "economic war" against Turkey.

The Turkish lira stood at 5.80 against the dollar on Friday after record lows in the week.

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