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Erdogan, Macron vow to foster trade ties: Turkish presidency

17 August 2018

Easing penalties on Halkbank were meant to be part of a deal between Ankara and Washington to release American pastor Andrew Brunson, but the White House has hinted that it will escalate punitive measures against Turkey. 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.

Lavrov says that Washington's policies will undermine the dollar's position as the global reserve currency of choice.

"The trade talks and the back and forth on Turkey is really going to be the stuff everybody's watching", said Blake Gwynn, an interest rate strategist at NatWest Markets in Stamford, Connecticut. -China trade talks offset by an end-of-week wobble in emerging markets as the Turkish lira's recovery ran out of steam.

"They want to hold our wonderful pastor".

On Wednesday, a Turkish court rejected his latest appeal to be released from house arrest. It was not clear when the court would consider the appeal.

The American pastor continues to be detained in Turkey - a North Atlantic Treaty Organisation ally - despite Trump's demands that Brunson be freed.

Sanders later stated that the increased steel and aluminum tariffs the US has placed on Turkey are not related to the charges against Pastor Brunson.

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Brunson has been detained on espionage and terrorism-related charges.

Qatar said it would provide "a host of economic projects, investments and deposits" worth 15 billion dollars to support Turkey's economy.

In a conference call with thousands of investors and economists, Albayrak - who is President Tayyip Erdogan's son-in-law - said Turkey fully understood and recognised all its domestic challenges, but was dealing with what he described as a market anomaly.

"Turkey has not done any wrong to the USA, not even once".

He said: "If they have the iPhone, there is Samsung elsewhere".

Apart from Apple's iPhone, Erdogan did not target specific electronic devices and didn't say how the boycott would be enforced.

The move comes amid increased tension between the two North Atlantic Treaty Organisation allies over Ankara's imprisonment of a pastor and other diplomatic issues, which has sent the lira tumbling to record lows against the dollar.

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The lira has clawed back some ground over the last two days - after losing nearly a quarter of its value on Friday and Monday - but economists are warning that Turkey must urgently address its economic imbalances to avoid more troubles ahead.

The spokesman also confirmed that Scholz had invited Albayrak for talks to Berlin in the second half of September.

The business groups also urged the drawing up of a roadmap to reduce inflation.

Asia share markets skidded and the euro hit one-year lows on Monday as a renewed rout in the Turkish lira infected the rand and drove demand for safe harbours, including the U.S. dollar, Swiss franc and yen.

The euro declined to $1.1330, the lowest since July 2017, before edging to $1.13335, down almost 0.7 percent on the day. It remains not far from the record low of 7.23 per dollar hit Sunday. The currency has lost a third of its value this year.

Albayrak addressed thousands of investors in a teleconference on Thursday to update about the state of the economy.

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Erdogan, Macron vow to foster trade ties: Turkish presidency