Turkish lira rises after reports of trade deal with America

Shafaq News/ Turkey's lira rose against the dollar on Tuesday after Turkish media reports said the United States was preparing to offer Turkey a trade package that may include proposals for the F-35 and Patriot missiles.

By 0805 GMT, the lira was steady at 5.6900 to the dollar, strengthening from Monday's close of 5.7165 and the strongest performance among emerging market currencies against the dollar.

CNN Turk reported that US Ambassador to Ankara David Satterfield recently made a presentation on the proposed package at the presidential palace before Turkish President , Recep Tayyip Erdogan's visit to the United States.

Reports indicate a target of quadrupling bilateral trade at $ 100 billion a year, an ambitious target echoed in talks between Turkish and US officials.

CNN Turk said that the proposed deal is a free trade agreement that includes proposals for Turkey's participation in the F-35 program, the sale of US Patriot missiles and steps to lower tariffs on steel and aluminum.

Ankara and Washington are at odds over Turkey's purchase of Russia's S-400 missile defense system, raising the prospect of US sanctions on Ankara, where Washington says that the deal threatens Lockheed Martin's F-35s.