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Turkey to Boycott US Products In Response to Sanctions

19 August, 2018, 22:12 | Author: Sara Gill
  • Turkish Lira sell-off wreaks havoc with global currency markets

"We've put sanctions on several of their cabinet members, working with you (President Donald Trump), we have more that we're planning to do if they don't release him quickly", Mnuchin told Trump during Thursday's cabinet meeting.

Investors, already anxious about Turkey's economy, were irked by a diplomatic and trade dispute with the United States over the continued detention of an American pastor Andrew Brunson on espionage and terror-related charges.

He was indicted on charges of having links with the outlawed Kurdistan Workers' Party and the Fethullahist Terrorist Organization, which Turkey accuses of being behind a coup attempt in 2016 to topple Turkish President Recep Tayyip Erdogan.

"We´ve already responded based on the World Trade Organisation rules and will continue to do so", Trade Minister Ruhsar Pekcan was quoted as saying by the state-run Anadolu news agency.

Erdogan said that in this way they will respond to the economic attack by the United States on steel and aluminum imported from the Eurasian country, as well as the sanctions on two cabinet ministers from Ankara.

Ankara immediately retaliated by hitting around $533 million worth of USA imports with tariffs. Many financial experts say Turkey should raise interest rates to reduce inflation and attract investment, but Erdogan has so far opposed a move he says would curb growth.

Both Moody's and Standard & Poor's ratings agencies cut Turkey's sovereign credit ratings deeper into "junk" territory late on Friday.

Brunson was arrested in October 2016 and moved to house arrest in July. Kemal Kilicdaroglu, head of the Republican People's Party, said Thursday in Ankara, the capital.

Earlier on Wednesday, White House spokesperson Sarah Sanders said the US side would consider lifting sanctions that have been placed on Turkey if Ankara released Brunson and other detained USA citizens. "We will pay nothing for the release of an innocent man, but we are cutting back on Turkey!" the president tweeted. Trump tweeted on Thursday.

The threat of sanctions comes amid Trump's concerns over Brunson, who is accused of being involved with an attempted coup that led to tens of thousands of people being arrested in 2016.

"A one-dollar American bill was found in Dr. Golge's possession when arrested". The pastor has maintained his innocence, and the USA has been lobbying for his release.

American officials have also protested the detentions of several Turkish employees of the US diplomatic mission in Turkey, including Metin Topuz, Hamza Ulucay and Mete Canturk. Erdogan has in turn slapped sanctions on US goods. It says the case against Atilla, sentenced to 32 months in prison, was politically motivated.



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