Turkey crisis risks souring military ties with US

Turkey crisis risks souring military ties with US

Turkey crisis risks souring military ties with US

Washington has imposed financial sanctions on two Turkish ministers and doubled steel and aluminium tariffs on Turkey, as USA president Donald Trump tries to secure the release of Andrew Brunson, a 50-year-old American pastor being tried in Turkey on espionage and terrorism-related charges.

It was up about 5 percent on Tuesday, at about 6.52 per dollar, having fallen 42 percent so far this year, with most of those losses coming in recent weeks.

There was some optimism from news that Donald Trump's National security advisor John Bolton met Turkish Ambassador Serdar Kilic to discuss the pastor issue.

Turkey said Wednesday it is increasing tariffs on some US products like cars, alcohol, and coal - a move that is unlikely to have much economic impact but highlights the deteriorating relations with the U.S.in a feud that has already helped trigger a currency crisis.

The move by Turkey's Gulf ally offered further support to a lira rally after the Turkish central bank tightened liquidity and curbed selling of the currency.

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TUSIAD, the Turkish Industry and Business Association, and TOBB, the Union of Chambers and Commodity Exchanges of Turkey, urged "diplomatic efforts to urgently resolve the problems in the US-Turkey relationship", according to a report in The Financial Times.

Investors are anxious not only about Turkey's souring relations with the US, a longtime North Atlantic Treaty Organisation ally, but also Erdogan's economic policies and the country's high debt accumulated in foreign currencies.

The finance chief, Berat Albayrak is due to address hundreds of foreign investors on Thursday in a teleconference, the state-run Anadolu Agency said.

A banking watchdog's step to limit foreign exchange swap transactions also helped the currency. Gulen has denied the charges, and the USA has rejected every request to force him from his compound in Pennsylvania to stand trial in Turkey.

The United States' top diplomat in Turkey, Jeffrey Hovenier, visited Brunson on Tuesday and called for his case - and those of others detained in Turkey - to be resolved "without delay" and in a "fair and transparent manner". Brunson faces a possible prison sentence of 35 years.

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"The use of national currencies for mutual trade has for several years been one of the tasks that the presidents of Russian Federation and Turkey had set", Lavrov told a joint news conference with Cavusoglu in Ankara. "Not only with Turkey and Iran, we're also arranging and already implementing payments in national currencies with the People's Republic of China", he said. Higher rates would slow economic growth, which he wants to encourage, but are urgently needed to support the currency and tame inflation, experts say.

The lira has lost more than 40 percent of its value against the dollar this year, hit by worries over President Tayyip Erdogan's calls for lower interest rates and his fraying ties with the United States.

Some analysts said that US tax cuts passed a year ago by Congress, which are boosting corporate earnings and economic growth, have reinforced the reasons for raising interest rates.

"It's a broad based sell-off across Europe as dealers are anxious about the currency crisis in Turkey, and the cooling of Chinese growth", said market analyst David Madden at CMC Markets UK.

In Frankfurt on Monday, investors fled shares in German chemicals and pharmaceuticals giant Bayer AG, fearing a massive damages rul ing against one of newlyacquired U.S. firm Monsanto Co's flagship products could signal a wave of costly lawsuits.

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