US President Donald Trump’s continued sanctions on Turkey over the imprisonment of an American pastor has seen the Turkish lira fall another three percent, continuing its rapid downward trend.
The Turkish sovereign debt rating has been lowered even further by Standard & Poor in response, dropping a step closer to being rated “junk”.
Mr Trump imposed a series of tariffs against Turkey in response to the imprisoning of US pastor Andrew Brunson, who has lived in Turkey for twenty years.
Mr Brunson, held on terrorism charges, just had his appeal to be released from house arrest rejected, being labelled a “flight risk”.
“They should have given him back a long time ago, and Turkey has in my opinion acted very, very badly,” he said.
“So, we haven’t seen the last of that. We are not going to take it sitting down. They can’t take our people.”
US Treasury Secretary Steven Mnuchin reportedly told Mr Trump that more sanctions are ready if Mr Brunson is not freed, though it is not clear what is being considered.