Turkish lira volatile as United States warns of further sanctions

Turkish lira volatile as United States warns of further sanctions

Last week the United States doubled tariffs on aluminium and steel imports from Turkey, during a dispute over Turkey's detention of an American pastor on security charges that the U.S. views as baseless.

Turkey's Finance Minister Berat Albayrak promised on Thursday the country will emerge "stronger" from the currency crisis sparked by a diplomatic spat with the United States, and ruled out an International Monetary Fund bailout.

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 U.S. cars, alcohol and tobacco by the same amount on Wednesday.

"We got somebody out for him", Trump said.

"It was important to do it because the WTO goes to meetings twice per month, if we couldn't complete it, we will wait more 15 days".

Finance Minister Berat Albayrak, the son-in-law of President Recep Tayyip Erdogan, addressed hundreds of foreign investors from the United States, Europe and Asia via a conference call in a bid to soothe the markets.

The Turkish lira continued to rebound from record losses on Thursday a day after Qatar pledged $15 billion in investments to help Turkey's economy.

Mr Brunson denies any involvement.

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Analysts say Turkey is also likely to seek a more dynamic economic relationship with China and Russian Federation, with whom ties have warmed considerably in recent years.

The decree, which was signed by President Erdogan, raised tariffs by 140 percent on alcoholic beverages, by 120 percent on passenger cars, and by 60 percent on tobacco.

Erdogan has rejected Washington's demands to release him, while announcing new tariffs on US imports.

Brunson was arrested in October 2016 and moved to house arrest in July.

Trump later tweeted that the USA "will pay nothing" for the release "but we are cutting back on Turkey!". An upper court had yet to rule on the appeal, his lawyer told Reuters.

"Turkey has alternatives", he said. "The tariffs are specific to national security", Ms Sanders said.

Turkey and Qatar have traditionally maintained good ties.

According to the Turkish presidential press office, Erdogan and al-Thani also exchanged views on bilateral relations and regional developments during their three-hour meeting.

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