Court rejects appeal for American pastor's release from detention, Turkish media says

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The lira lost a quarter of its value this month as Donald Trump doubled tariffs on Turkish steel and aluminum imports and slapped sanctions on two ministers.

"The Turkish economy had been giving signs of structural chronic weaknesses and imbalances for quite some time", said Önder. The currency has now stabilised at around 6.50 lira against the dollar.

Turkey's call to main trading partners, Russia, China and İran to use local currencies in trade have been welcomed.

Liberty Times that four major Taiwanese companies are likely to be on the losing end of investments and ventures in Turkey if the US sanctions are implemented and maintained for any significant amount of time.

In other words, Turkey relies on Apple more than Apple relies on Turkey. Turkey's problems are particularly acute because it has more than $300bn of dollar-denominated corporate debt, which is getting more expensive to finance by the day.

Does this have effects outside Turkey?

None of this looks remotely sufficient to deal with the scale of the crisis, particularly given the paucity of Turkey's foreign currency and gold reserves - which are often used by central banks to fight off currency speculators.

A similar plea came from the nation's banks, including the second-largest by assets, Turkiye Garanti Bankasi AS. The fear is of a full-blown emerging market crisis.

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While the lira rebounded from an all-time low, concerns about European banks' exposure to the country spurred selling of the euro, sending it to 13-month lows against the greenback and Swiss franc.

The imprisonment of United States pastor Andrew Brunson has weighed heavily on relations, leading to a series of escalations.

The diplomatic dispute has sent shockwaves through financial markets across the world as the plunging lira causing currencies in other developing countries to nosedive. But American companies' direct contact with the Turkish economy is quite limited.

The dispute between the USA and Turkey has started an economic crisis in Turkey that has pushed its currency to historic lows.

Albayrak emphasized that the dollar is being used as political punishment by the US and this does not comply with diplomatic ethics, proving that the process Turkey is experiencing is unjust. "Even if all these claims were to be written off-they won't be-the impact on the USA banking system would be minimal".

Russian Prime Minister Dmitry Medvedev warned last Friday that proposed measures to bar Russian banking operations would "amount to a declaration of economic war" and would merit "a response with economic means, political means and, if necessary, other means". Turkey's exports to the United States past year amounted to $8.7 billion, making it Turkey's fifth-largest export market.

Analysts say the financial crisis has been a long time coming and reflects Turkey's refusal to raise interest rates to curb double-digit inflation and cool an overheated economy.

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