Let’s double down on Turkey sanctions

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"It could serve as a template for further tariff actions against China if the renminbi depreciates further relative to the dollar, even if that depreciation were mainly a reflection of the relative strength of the USA and Chinese economies". By noon Friday, it had fallen again, hovering around 6.15. In the past, the country has turned to conventional solutions, such as bailout loans and economic reforms through the International Monetary Fund (IMF), which has provided tens of billions in assistance.

Securing the release of Brunson, arrested in 2016, is a top priority for the United States, and it is also tussling with Turkey over the detention of three locally employed US embassy staff, trade issues and differences over Syria.

Erdogan, whose typical defiance in the face of the crisis has further unnerved investors, appealed to Turks' patriotism and urged support for their free-falling currency.

Turkey has arrested an American pastor and put him on trial for espionage and terror-related charges linked to a failed coup attempt in the country two years ago.

A USA court in May sentenced Mehmet Hakan Atilla, a Turkish citizen and banker at Turkey's state-controlled Halkbank (HALKB.IS), to 32 months in prison after he was convicted of taking part in a scheme to help Iran evade US sanctions.

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On Friday, Turkey's currency, the Lira, fell as much as 14%, causing the global financial markets to shudder. Its deputy general manager was sentenced to 32 months in prison.

European and American bank stocks declined on concerns about their exposure to Turkey. According to figures from the Turkish Government, for the period of 2002 to October 2017, Turkish direct investments in the United States reached $3.7 billion while USA investments in Turkey amounted to $11.1 billion, second only to the Netherlands' 21.6 billion. With new Iran sanctions coming up, more Turkish banks could face US probing if they are doing business with the Islamic republic.

After nearly 20 months in a Turkish jail, Brunson was moved to house arrest in July by a court.

At the U.N. General Assembly past year, Trump called Erdogan a "friend" who got "very high marks" for how he runs the country. In Turkey, that was taken as an intolerable slight to which leaders could not bow. You are exchanging your strategic partner in North Atlantic Treaty Organisation for a priest. The first is Turkey needs to borrow a lot of money from overseas; the second is the Federal Reserve's rate hikes have made holding money in the United States attractive enough that it is hard for Turkey to get what it needs without sweetening the pot for investors by raising rates itself; and the third is, as a result of all its past borrowing, Turkey has foreign currency debts equal to 30 percent of its economy. The consequences for millions of Turkish families were very harsh in 2001; they may be even harsher this time. "Turkey is an important strategic partner militarily and economically". But that seems to underestimate both Erdogan's following and his strong hold on power under the new constitution.

Turkish President Recep Tayyip Erdogan spoke before the nation twice on August 10, but the country's currency continued its descent, reaching about 6.4 lire per dollar, a decline of about 14.6 percent. "Threats, sanctions and bullying against Turkey will not work", he said. Lindsey GrahamLindsey Olin GrahamGOP lawmaker: Every white suburban district in the country will be a swing district this year The Hill's Morning Report - Trump to GOP: I will carry you GOP senator: "Real likelihood" Dems win the House "by 10 or 12 more seats than they need" MORE (R-S.C.) tweeted Friday.

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