Turkish lira steady despite new threats from Trump

Turkey denies American pastor’s appeal decides to hit the US with tariffs instead

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The United States on Wednesday ruled out removing steel tariffs that have contributed to a currency crisis in Turkey even if Ankara frees a U.S. pastor, as Qatar pledged $15 billion in investment to Turkey, supporting a rise in the Turkish lira.

"We have more that we are planning to do if they don't release him quickly", Mnuchin said during a meeting of President Donald Trump's Cabinet.

In reality, a number of issues have come between the two North Atlantic Treaty Organisation allies, not least Turkey's plan to purchase the Russian-made S-400 anti-aircraft weapons system.

The lira lost strength after Mnuchin's remarks.

The investment package was announced after Qatar's Emir Tamim bin Hamad Al-Thani met President Tayyip Erdogan in the capital, as Turkey grapples with a collapsing lira and a worsening commercial and political standoff with North Atlantic Treaty Organisation ally the United States.

The lira plunged to a record low of 7.24 on Monday before mounting a three-day rebound, helped by factors, including measures by the Turkish central bank, to support its currency and Qatar's pledge to invest $15 billion in Turkey.

In response, Turkey raised tariffs on several USA -made goods, including alcohol and tobacco products and vehicles. -China trade relations helped markets recover Thursday after officials said they would hold lower-level talks later this month on the trade dispute. 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.

Turkey accuses Brunson of espionage and is holding him under house arrest pending his trial.

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Turkey has taken advantage of the United States for many years.

"And he seemed to downplay the risks in the corporate and banking sector posed by large foreign currency debts".

"Rates have gone up by 10 percent".

Al-Shehri said Ankara appeared to have blackmailed Qatar into supporting it.

The lira firmed as far as 5.75 against the dollar on Wednesday and stood at 5.90 at 2058 GMT.

The threat comes as Turkey sought to reassure investors rattled by the sanctions-fueled crash of the Turkish lira, insisting the country would emerge stronger.

Mr Albayrak, a 40-year-old former company executive with a doctorate in finance, said Turkey would not hesitate to provide support to the banking sector.

There was no resolution to the Brunson case in sight.

However, there are still concerns over Turkish President Tayyip Erdogan's policies to combat the country's double-digit inflation and his row with Washington over detained American pastor Andrew Brunson. Brunson's lawyer told CBS News that a higher court was still considering the appeal and could overrule that decision. The Turkish government claims Gülen is responsible for the failed coup against Erdoğan in 2016; American officials have repeatedly said Ankara has not provided sufficient evidence for extradition to occur.

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