Turkey lira slumps to record lows over United States sanctions

Turkey threatens to retaliate over US sanctions in escalating dispute between Nato allies

Turkey threatens to retaliate over US sanctions in escalating dispute between Nato allies

Brunson was moved to house arrest last week following almost two years in jail on terror-related charges but the change only increased tensions.

"Today I will give our friends instructions to freeze the assets in Turkey of the American justice and interior ministers, if they have any (such assets)", Erdogan said in a televised speech on Saturday, without specifying exactly to which members of the administration he was referring.

Meeting with his Turkish counterpart on Friday, Secretary of State Mike Pompeo declared that "the clock had run out" on Turkey to meet U.S. demands to release an American pastor detained since 2016.

Before his move home last week, Brunson, who led a Protestant church in the Aegean city of Izmir, had spent almost two years in jail.

Turkish Finance Minister and President Recep Tayyip Erdogan's son-in-law, Berat Albayrak, said both sides wanted to continue dialogue.

The lira tumbled overnight Friday to a historic low of TL5.11 to the U.S. dollar, down 3.4 percent of its value against the dollar since the Trump administration's announcement of sanctions on two Turkish ministers Wednesday.

Following the meeting, State Department spokeswoman Heather Nauert said that Pompeo "had a constructive conversation" with Cavusoglu and they " agreed to continue to try to resolve the issues between our two countries".

Washington and Ankara are also at odds over the Syrian war, Turkey's plan to buy missile defences from Russian Federation and the U.S. conviction of a Turkish state bank executive on Iran sanctions-busting charges this year.

"Even couples who are married for 40 years do not agree on every issue".

The government of President Recep Tayyip Erdogan "should seize the Trump Towers", Aytun Ciray, general secretary of the Iyi (Good) Party, said to protest the White House announcement of sanctions on Turkey's interior and justice ministers.

Erdogan said Turkey will never step back from defence industry projects, saying 48 out of the 400 projects are related to the defence industry.

Some analysts have argued Turkey is wary of allowing any further escalation in the crisis, which has already sent the lira to record lows in value against the dollar of above 5 for the first time.

Brunson's case has resonated with President Donald Trump and particularly with Vice President Mike Pence, who has close ties to evangelical Christians.

Pastor Brunson was arrested in Izmir, Turkey in October 2016, and was accused without any evidence of helping terrorist groups and of engaging in espionage.

After Ankara launched an offensive in January supporting Syrian rebels against the Kurdish People's Protection Units (YPG) militia in its western enclave of Afrin in Syria, the USA called for restraint.

President Recep Tayyip Erdoğan said Friday that he expects the roadmap in Syria's Manbij to continue with the USA, without being affected by the recent tensions.

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