U.S. threatens new sanctions, Turkey vows to respond

The Emir of Qatar stated Qatar was standing by its'brothers in Turkey

The Emir of Qatar stated Qatar was standing by its'brothers in Turkey

"They want to hold our wonderful pastor", Trump added.

One of Turkey's high criminal courts has rejected U.S. pastor Andrew Brunson's request to be released from house arrest and permitted to travel overseas, according to Turkey's state-run Anadolou news agency.

Qatar's royal court released a statement saying Al-Thani "issued directives that will see the State of Qatar to provide a host of economic projects, investments, and deposits" worth $15 billion to support the Turkish economy.

In this file photograph taken on 25 July 2018, United States pastor Andrew Craig Brunson is escorted by Turkish plain clothes police officers to his house in Izmir.

U.S. Treasury chief Steve Mnuchin earlier said the U.S. could put more sanctions on Turkey. On Aug. 14, he said Turkey would boycott US electronic products.

After hitting a record low of 7.24 this week, the lira has benefited from central bank steps to underpin a currency hit by concerns at President Tayyip Erdogan's influence over monetary policy and a bitter dispute with Washington.

President Trump says American Pastor Andrew Brunson is being held on a "phony charge" and should have been returned to the U.S.

"President Trump's imposition of tariffs on steel and aluminum is about protecting American national security", the spokesperson said.

Meanwhile, Turkish people in social media tend to expand boycott in other US products ranging from textile to fast food.

The Turkish lira is trading under its fair market value, and its depreciation is expected to narrow the current account deficit in Turkey, according to the Washington-based Institute of International Finance (IIF) on Tuesday. Trump, who counts evangelical Christians among his core supporters, has increasingly championed the pastor's case.

The row has seen Ankara put around $500 million of tariffs on some United States imports and boycott American electronic products in retaliation for the Trump administration's sanctions on some Turkish officials. We will pay nothing for the release of an innocent man, but we are cutting back on Turkey!

The Turkish lira has weakened 35 per cent against the U.S. dollar this year, with losses fuelled by a deterioration in ties between the North Atlantic Treaty Organisation allies and fears of President Recep Tayyip Erdogan's influence over monetary policy.

According to the Hurriyet Daily, a significant number of importers have begun to withdraw their short and long-term orders after Turkish President Recep Tayyip Erdogan's appeal to boycott USA electronic products on Tuesday.

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