Published: Sat, August 04, 2018
Markets | By Erika Turner

Turkey 'will retaliate' over U.S. sanctions as crisis grows

Turkey 'will retaliate' over U.S. sanctions as crisis grows

The NATO allies have also been at odds over Syria policy.

They said his recent transfer from prison to house arrest was not enough and on Wednesday, the Treasury Department hit Turkey's Justice Minister, Abdulhamit Gul, and Interior Minister, Suleyman Soylu, with sanctions that block any assets they may have in us jurisdictions and bar Americans from doing business with them.

U.S. Secretary of State Mike Pompeo said on Saturday he hoped Americans detained in Turkey would be released "in coming days", following a meeting with his Turkish counterpart in Singapore which both sides said was constructive.

A leading Turkish opposition party wants to make it personal in the increasingly nasty clash between Ankara and Washington, saying Turkey should retaliate for economic sanctions imposed by the Trump administration by seizing the Trump Towers complex that are one of the most prominent features of the Istanbul skyline.

After reports that the United States would sanction individuals over the case, the lira hit a record low of 5.01 against the dollar, before rallying slightly to 4.9.

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Turkey has said the sanctions were unacceptable.

"Turkey is a North Atlantic Treaty Organisation partner with whom the United States has every intention of continuing to work cooperatively", Pompeo said.

Brunson, 50, is being tried on espionage and terror-related charges, which he and the US government vehemently deny.

Financial markets were likely to take their cues from the tone of Turkey's response, analysts said. "But without more visible steps to de-escalate, the medium- to longer-term path for the lira would be weakness again", said Inan Demir, senior emerging market economist at Nomura. The Turkish government accuses Mr Brunson of links to the coup attempt of that year, and he faces up to 35 years in prison if found guilty. On Tuesday, a court rejected his appeal to be released from house arrest during his trial on terrorism charges. They have been at odds over numerous matters, including military activity in northern Syria and Turkey's plans to purchase an advanced air defense system from Russian Federation. Pence, who has close ties to the evangelical Christian community, has been following proceedings since Brunson was arrested and pressing behind the scenes for action, aides said. He was also charged with supporting outlawed PKK Kurdish militants.

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