United States threatens new Turkey sanctions unless jailed pastor released

Lira rallies after Turkey raises tariffs on US imports

Turkey's Move to Double Tariffs on US Goods a 'Step in the Wrong Direction,' White House Says

That followed a string of urgent steps Erdogan has taken to protect Turkey's economy, which was already under strain before the latest USA tariffs and sanctions were announced.

A Turkish court on Wednesday denied an appeal from pastor Andrew Brunson to be released from house arrest.

Those consequences are USA sanctions and a doubling of tariffs on Turkish steel and aluminum, announced by President Trump on Friday.

The lira recovered on Tuesday from near-record lows, helped by liquidity measures from the Turkish central bank.

Qatar said it would provide "a host of economic projects, investments and deposits" worth 15 billion dollars to support Turkey's economy.

The finance minister will seek to reassure worldwide investors on Thursday in a conference call for which a ministry official said some far 3,000 people had signed up.

His Highness the Amir Sheikh Tamim bin Hamad al-Thani's working visit to Turkey on Wednesday is significant as it comes in the wake of USA sanctions imposed on Ankara amid a dispute between the North Atlantic Treaty Organisation allies that has sent the lira to a record low against the dollar.

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"Turkey will emerge stronger from these (currency) fluctuations", Albayrak told the conference.
When asked about the impact of the United States spat with Turkey on the country's currency, the spokeswoman said Washington was "monitoring the situation".

The bail-out followed talks in Ankara between the emir of Qatar, Sheikh Tamim bin Hamad Al-Thani, and Turkey's President Recep Tayyip Erdogan.

A banking watchdog's step to limit foreign exchange swap transactions also helped the currency.

The tensions and the tariff hike by the United States have caused the Turkish lira to bleed value, fanning fears the country is on the verge of an economic crisis that could spillover into Europe.

Turkey's President Erdogan and his French counterpart Emmanuel Macron agreed on a meeting between the two countries' finance ministers "as soon as possible."

In a conference call with some 6,000 foreign investors on Thursday, Berat Albayrak said Turkey will navigate this period of U.S. sanctions with the help of other parties such as Russia, China and Germany.

Treasury Secretary Steve Mnuchin on Thursday said that the United States would levy more sanctions on the troubled Turkish economy if Ankara does not release an American pastor.

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On Wednesday, Turkey announced tariff hikes on a range of USA goods, including imports of vehicles, alcohol, coal, rice and cosmetics.

"Escalating the use of Section 232 tariffs on imports from Turkey poses serious risks for the United States", Brilliant said. Now, he said, the alliance between the two is "very vulnerable" because they have conflicting interests as well as different priorities, including in the Syrian war and over relations with Russian Federation.

Turkey retaliated with some $533 million of tariffs on some US imports - including cars, tobacco and alcoholic drinks - and said it would boycott USA electronic goods, singling out Iphones.

Albayrak further said the country's banks have not been affected by the financial crisis and remain in a healthy and strong state, adding, however, that Turkey is prepared to stand by its public banks, if need be.

The U.S. Department of the Treasury on August 1 slapped sanctions on Turkey's justice and interior ministers, citing their roles in the detention of a U.S. pastor.

A defiant Erdogan said the Americans "have their dollar but we have our God".

Earlier on Wednesday, Erdogan spoke on the phone with German Chancellor Angela Merkel, the Turkish presidency.

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