ISLAMABAD, (DNA) – Pakistan Monday said it would stand along with its long term ally Turkey and voiced opposition to the threats of imposition of unilateral sanctions by US President Donald Trump over arrest of an American pastor.

“Pakistan, in principle, is opposed to imposition of unilateral sanctions against any country. The solution to any and all issues should lie in dialogue, mutual understanding and goodwill,” the Foreign Office said in a statement.

“Any steps or actions to the contrary only undermine the peace and stability and make the solution to a problem more difficult and intractable,” the statement added amid reports the Turkish Lira continued its downward slide, triggering a domino effect in the Asian and European markets which tumbled on fears that the economic crisis in Turkey could spill over into the global economy.

The statement said Pakistan acknowledges and greatly appreciates Turkey’s invaluable role towards regional and international peace and stability. It is also a vital member and engine of the global economy, the statement said.

“The people and the Government of Pakistan reiterate their strong support for the government and the people of Turkey in their quest for peace and prosperity, and as always, will continue to stand by them towards the achievement of these shared goals,” the Foreign Office said.

Turkish President Recep Tayyip Erdogan earlier said his country would not acquiesce to US pressure. He warned that the actions of the Trump administration were a threat to the two countries’ longstanding alliance.

“I want them to know that we will not surrender. We will keep producing and we will keep increasing exports,” he said. “We will not give in… if you come at us with your dollars then we will find other ways to do business…,” Erdogan said.

US President Donald Trump in a tweet Friday said: “I have just authorised a doubling of tariffs on steel and aluminum with respect to Turkey as their currency, the Turkish Lira, slides rapidly downward against our very strong Dollar! Aluminum will now be 20% and steel 50%. Our relations with Turkey are not good at this time!”