The Turkish lira tumbles to 5.86 over threat of more U.S. sanctions

The Emir of Qatar has pledged $15billion of investment in Turkey following a meeting in Ankara

On Thursday, Trump tweeted: "Turkey has taken advantage of the United States for many years".

"U.S. Treasury Secretary Steven Mnuchin assured President Donald Trump at a Cabinet meeting that sanctions were ready to be put in place if Brunson was not freed".

On Thursday, Trump tweeted that the U.S. would "pay nothing" for the release of Brunson, but would punish Ankara if he is not released.

During the meeting, Trump remarked that Turkey has "not proven to be a good friend".

Turks expected Trump to create an obstruction to this conspiracy, yet we see he too has joined it.

Last week the USA doubled tariffs on aluminium and steel imports from Turkey, during a dispute over Turkey's detention of an American pastor on security charges that the USA views as baseless.

In this file photograph taken on 25 July 2018, U.S. pastor Andrew Craig Brunson is escorted by Turkish plain clothes police officers to his house in Izmir. "He's an innocent man".

Another steep decline in the Turkish lira on Friday pushed emerging market equities lower and kept other world markets cautious, overshadowing hopes that an upcoming U.S.

The lira's collapse has plunged the entirety of the emerging market space into chaos, with contagion causing the likes of the South African rand, the Argentine peso, and the Indonesian rupiah, to slump in response.

The lira has clawed back some ground over the past 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 trouble.

Turkey's finance minister sparked a recovery in the lira yesterday after he addressed thousands of worldwide investors on a conference call.

"Turkey has been a problem for a long time".

Recep Tayyip Erdogan, the Turkish president, said last Saturday: "I call out to those in the United States".

"Turkey will emerge stronger from these (currency) fluctuations", said Albayrak, who is also Erdogan's son-in-law.

Turkey's biggest mobile phone importing companies have cancelled their iPhone orders as Turkish citizens join a move to boycott USA products.

He says the USA will pay nothing for his return, because he is innocent and indicated the pressure on Turkey will continue.

"This is what happens when you choose to run with the hare and hunt with the hounds", Dr. Hamdan Al-Shehri, a Saudi political analyst and worldwide relations scholar, told Arab News.

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