Turkey and France agree to work together against U.S. economic moves

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President Donald Trump last week ramped up his attack on Turkey by doubling US tariffs on Turkish aluminum and steel imports.

Turkey's lira fell once again after the trade minister, Ruhsar Pekcan, said on Friday that her government would respond to any new trade duties, which Mr Trump threatened in his overnight tweet.

Global investors have been anxious by Turkey's high levels of foreign debt and Erdogan's refusal to allow the central bank to raise interest rates to support the currency, as experts say it should.

Last week, Washington doubled steel and aluminium tariffs on Turkey over its continued detention of USA pastor Andrew Brunson.

The dollar has gained strength over the past few weeks due partly to the Turkey crisis and a strong dollar is never good for emerging markets equities, as people tend to follow the dollar for reasons beyond know, he said.

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

Trump said the United States had helped Turkey in a related incident, but that the North Atlantic Treaty Organisation ally had not repaid the favor.

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.

Mr Brunson is being held in a Turkish jail for allegedly supporting a group that Ankara blames for an attempted coup against Mr Erdogan in July 2016, a charge he fiercely denies.

Mr Trump said: "They want to hold our wonderful pastor. Our relations with Turkey are not good at this time!"

"Diplomatic negotiations hit speedbumps and that's not unusual in these kinds of situations", said Jay Sekulow, a personal attorney for Trump who is also representing Brunson's family.

He later tweeted: "Turkey has taken advantage of the United States for many years".

Turkey says the case is a matter for the courts.

He also played down United States tariffs on imports of Turkish metals.

The 50-year-old faces 35 years in prison, which would amount to a life sentence.

Trump, who doubled steel and aluminum tariffs on Turkey, said the steel tariffs have kicked in the aluminum tariffs will take effect soon.

Turkey, he said, has no plans to seek help from the International Monetary Fund or impose capital controls to stop money flowing overseas in response to the recent collapse of its lira currency.

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