United States prepared to add sanctions on Turkey if pastor not released

United States prepared to add sanctions on Turkey if pastor not released

In response, Erdogan launched a boycott of U.S. electrical products and sharply raised tariffs on other USA imports.

"The tariffs that the United States placed on Turkey were out of national security interests".

The two North Atlantic Treaty Organisation allies have traded tit-for-tat sanctions over the pastor's house arrest.

The growing tensions between Washington and Ankara have sent the Turkish currency tumbling to historic lows.

The currency lost almost 40 percent against the dollar this year, driven by worries over President Erdogan's growing influence on the economy and his repeated calls for lower interest rates despite high inflation.

With a number of measures taken by the Central Bank of Republic of Turkey and the Banking Regulation and Supervision Authority (BDDK), the greenback started to retreat against the lira.

Economists gave Albayrak's comments a qualified welcome, and praised his ambition to get inflation down into single figures next year from above 15 percent now.

Vice President Fuat Oktay tweeted that the new tariffs were retaliation for "the deliberate attack of the USA administration on our economy", CNN said.

Erdogan has moved to shore up alliances in Europe and the Middle East, easing pressure on the battered lira, as the standoff with the USA has deepened.

For years Turkish firms have borrowed in dollars and lira to take advantage of lower interest rates.

Brunson has been detained for almost two years in Turkey.

"If they have the iPhone, there is Samsung", the Turkish president said.

A Turkish court on Wednesday rejected a new appeal to free U.S. pastor Andrew Brunson, whose detention has sparked a major row between Turkey and the United States, local media reported. Brunson's lawyer told CBS News that a higher court was still considering the appeal and could overrule that decision.

"We have stood together and will continue to do so", he said, making clear the high-level meeting was meant to communicate unequivocal support for Turkey at a critical juncture.

Andrew Brunson, an evangelical pastor from Black Mountain, N.C., shown in Izmir, Turkey, on July 25.

Sanders said Brunson's release would not lead to an easing in the tariffs, but that it could lead to an easing in sanctions.

Angry Turks tore up fake dollar bills in protest.

President Donald Trump tweeted on Thursday that the USA will "pay nothing" for the release of a jailed American Pastor in Turkey, but would punish Ankara if he is not released.

President Erdogan welcomed the support, stating: "On behalf of the Turkish people, I sincerely thank Sheikh Tamim and the Qatari people for standing by Turkey".

"Rates have gone up by 10 percent".