Qatar to invest $15b in Turkey's financial markets and banks

Turkey retaliates by raising tariffs

Tariffs have been doubled on goods including cars, tobacco, and alcohol, while coal, rice, and cosmetic products have also been hit by increases.

President Donald Trump doubled tariffs on Turkish metals exports to the United States last week prompting Turkey, which says it will not bow to threats, to raise tariffs on USA cars, alcohol and tobacco by the same amount on Wednesday.

The lira is now down around 45% against the dollar since the start of the year, making it far harder for Turkish companies to pay back loans they have taken out in the United States currency.

The steps spurred a 3 per cent gain in the lira to 6.1648 per dollar by 1:56 p.m.in Istanbul, after an 8.4 per cent advance on Tuesday.

"Turkey would do well not to test @POTUS Trump's resolve to see Americans who are wrongfully imprisoned in foreign lands returned home to the United States", Vice President Mike Pence said in a tweet.

The crisis came days after US President Donald Trump announced via Twitter a doubling of steel and aluminium tariffs on Turkey, as Washington pushes Ankara to release Evangelical Christian pastor Andrew Brunson, who is being held on terrorism charges for almost two years.

The Eurasian country's president, Recep Tayyip Erdogan, announced on Tuesday that he would be calling for a boycott of all American electronics sold to the country's residents. He suggested Turks would buy local or Korean phones instead, although it was unclear how he meant to enforce the boycott.

Turkey's President, Recep Tayyip Erdogan, has so far resisted pressure to implement monetary and fiscal orthodoxy, choosing instead to lash out at both the financial markets and the US.

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"Escalating the use of Section 232 tariffs on imports from Turkey poses serious risks for the United States", Brilliant said.

He was also charged with supporting the outlawed Kurdistan Workers' Party (PKK), which was designated as a terrorist organization by Turkey and the U.S. It recovered a bit, by 4 percent to around 6.12 lira per dollar Wednesday, after the government took steps to shore up the currency by reducing the daily limit in bank foreign currency swap transactions.

The row with Washington has helped to drive the lira to record lows, with the currency losing more than 40 per cent of its value against the dollar this year, prompting central bank liquidity moves to support it.

Washington's move came during an ongoing dispute over Turkey's holding of an American pastor for two years on charges of military espionage and spying for terror groups.

"They wait in queues for long time in front of the cash points", she said, noting that 100 dollars can buy at least five items now, up from three pieces last week.

Hurriyet newspaper said the court in Izmir rejected the appeal, but that a higher court would review the appeal.

On Monday, the U.S. president signed a defense authorization act that notably prohibits the delivery of F-35 Joint Strike Fighter aircraft to Turkey if it buys Russia's S-400 air defense system.

WASHINGTON - The White House warned on Wednesday that Turkey is increasingly trending away from USA interests, furious over the continued detention and trial of an American pastor in Ankara.

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