Qatar promises $15 bn investment in Turkey: presidency

Turkey news: Erdogan rages at Trump 'economic warfare' over sanctions | Daily Star

Turkey said Wednesday it is increasing tariffs on some USA products like cars, alcohol, and coal - a move that is unlikely to have much economic impact but highlights the deteriorating relations with the a feud that has already helped trigger a currency crisis.

The tit-for-tat measures are part of a broader dispute between the two countries over the fate of an American citizen, Andrew Brunson, who is being prosecuted by Turkish authorities on terrorism-related charges.

The lira, which has lost about 40 percent of its value this year, recovered a little on Wednesday after the Turkish government took steps to support it.

The decision to impose new tariffs came a day after President Erdoğan said Turkey would boycott US electronic goods, singling out iPhones.

The White House on Wednesday condemned Turkey's doubling of tariffs on USA cars, alcohol and tobacco imports, calling the action "a step in the wrong direction". Tariffs were also boosted for cosmetics, rice and coal.

It follows a string of urgent steps Erdogan has taken to protect its economy from an escalating feud with USA counterpart Donald Trump over an American pastor held in Turkey. The United States slapped financial sanctions on two Turkish ministers and doubled steel and aluminum tariffs on Turkey over his continued detention.

China isn't the only country the United States has a rocky relationship with - Turkey is causing a few headaches for USA leaders as well.

Sanders said even if Brunson is released, USA tariffs on steel would remain.

Turkey has meanwhile resisted pressure to release Brunson - who has been held for two years and is now under house arrest - with officials warning it could face further sanctions.

" 'We are going to apply a boycott on America's electronic products, ' Erdogan said Tuesday during a televised speech, adding that there were alternatives, produced by South Korean or Turkish companies".

In recent days, Qatari supporters of Turkey have begun a public campaign in Doha to change their riyals into lira in an attempt to shore up the plunging Turkish currency.

Turkey and the US are now experiencing rocky relations following Washington's imposition of sanctions on two Turkish Cabinet ministers for not releasing American Pastor Andrew Brunson, who faces terrorism charges in Turkey.

The promise of an investment package comes after Qatar's Emir Tamim bin Hamad Al-Thani met with President Tayyip Erdogan in Ankara and as Turkey comes to terms with a collapse in the lira amid rising tensions with North Atlantic Treaty Organisation ally the US. Brunson's lawyer told CBS News that a higher court was still considering the appeal and could overrule that decision.

It also said that until markets "normalize", it would temporarily stop applying the effect of day-to-day losses on the securities held by banks to their capital adequacy ratios.

Russia backs using national currencies, not the United States dollar, in its trade with Turkey, Russian Foreign Minister Sergei Lavrov said on Tuesday, but he made no firm commitments that would immediately help Ankara to weather its currency crisis.

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