Turkey, Turkish media reported.

Just days after President Trump tweeted his decision to double tariffs on Turkish steel and aluminum, Turkey has announced that it, too, is ratcheting up retaliatory tariffs.

The lira has lost almost 40 per cent of its value against the dollar this year as investors fret about President Tayyip Erdogan's influence over monetary policy.

Brunson was charged with terror offenses by a Turkish court and has been held since October 2016. Washington has introduced sanctions against members of the Turkish government, citing the case and insisting that the pastor is innocent.

The United States and Turkey have imposed tit-for-tat tariffs in an escalating attempt by Trump to induce Erdogan into giving up the pastor.

The latest USA announcement came after Turkish Finance Minister Berat Albayrak, the son-in-law of President Recep Tayyip Erdogan, sought to soothe markets during an unprecedented teleconference on Thursday with hundreds of foreign investors from the United States, Europe to Asia.


Brunson, who attended Wheaton College, has lived in Turkey for more than two decades as pastor of a small local church.

The lira has weakened 35 percent against the dollar this year as the deterioration in ties between the North Atlantic Treaty Organisation allies fueled losses driven by concerns over President Tayyip Erdogan's influence over monetary policy.

The Fitch ratings agency described Turkey's policy response to the lira's deprecation as "incomplete" and "unlikely on its own to sustainably stabilise the currency and the economy".

"We believe that the wave of RMB depreciation is probably over and that renewed fiscal stimulus (in China) will bring a halt to decelerating growth as well as higher interest rates supporting a stronger RMB", Alicia Garcia Herrero, chief economist for Asia Pacific at Natixis, said in a note.

"They should have given him back a long time ago", the president said.

Moody's likewise cited the weakening lira and downgraded Turkey's debt to Ba3, as well as "heightened concerns" for the central bank's independence and "the lack of a clear and credible plan" to address the causes of recent financial troubles.


The leader of Turkey's main opposition party said Erdogan was using the standoff over the evangelical pastor as a "pretext", blaming the United States for economic problems and diverting attention from his own alleged mismanagement.

Erdogan has in turn imposed sanctions on USA goods.

"Even in his call with investors, Albayrak said the fall in the lira was out of line with fundamentals, not acknowledging why confidence in Turkey evaporated", he said. The embattled nation has also seen generosity from Qatar with the Gulf nation pledging $15 billion worth of investment on Wednesday.

The country's officials would always support Chinese and Turkish companies signing cooperation projects based on market rules, he added.

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


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