USA can not see who its true friend is: Turkish FM

Berat Albayrak Turkey's Treasury and Finance Minister gestures as he talks during a conference in Istanbul Friday Aug. 10 2018 in a bid to ease

Berat Albayrak Turkey's Treasury and Finance Minister gestures as he talks during a conference in Istanbul Friday Aug. 10 2018 in a bid to ease

"We will not surrender to those who present themselves as a strategic partner while at the same time trying to make us a strategic target", Erdogan said at a congress of his ruling Justice and Development Party (AKP).

Trump prefaced Mnuchin's remarks by saying that Turkey had not been a very good friend.

Last week, the United States doubled its tariffs on metal imports from Turkey.

Turkey's battered lira weakened 3 percent after a Turkish court rejected an American pastor's appeal for release.

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

The lira has weakened 35 per cent against the dollar this year as the deterioration in ties between the North Atlantic Treaty Organisation allies fuelled losses driven by concerns over President Tayyip Erdogan's influence over monetary policy.

On Wednesday, US Vice President Mike Pence tweeted, "Turkey would do well not to test [President Trump's] resolve to see Americans who are wrongfully imprisoned in foreign lands returned home to the United States".

A Trump administration official told the Associated Press Thursday that National Security Adviser John Bolton spoke Monday with the Turkish ambassador to the US telling him to release Brunson.

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USA support for Kurdish rebel groups fighting Islamic State fighters in northern Syria is another major difficulty, given Turkey's battle against a Kurdish insurgency in its own country. Turkish officials and financial sector executives described the US moves as an "economic war", adding that the volatility in lira does not reflect the state of the country's economy.

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

Turkey's finance minister Berat Albayrak has insisted that the country will come out out the currency crises stronger.

"Turkey has alternatives", he said. That has fuelled strong consumption and economic growth - GDP rose by more than seven per cent past year.

The U.S.is the most significant destination for Turkish steel, representing about 13 per cent of total exports (but less than eight per cent of U.S. steel imports). Brunson, who has lived in Turkey for over twenty years and led a small church in the southwestern coastal town of Izmir, was jailed for almost two years following the failed 2016 coup.

Qatar's benevolent act comes at a dire time for Turkey's economy, with the Turkish lira reaching record lows in the last few days as a result of a feud with the US.

Qatar, backed by Erdogan during the Saudi-led embargoes on the emirate in 2017, on Wednesday pledged to channel $15 billion of direct investment into Turkey, a sign of burgeoning ties between the two countries.

Intermarket Strategy director Ashraf al-Ayedi said the effect of the Qatari support for Turkey is temporary, and won't be of major help during the Turkish currency crisis.

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