Qatar pledges $15 billion of investment in Turkey

Turkey increases tariffs on some U.S. goods escalating feud

Treasury Secretary Steven Mnuchin said additional USA sanctions are ready if Turkey refuses to release an American pastor whom the Trump administration says is illegally detained.

A US dollar banknote is seen on top of 50 and 100 Turkish lira banknotes in this picture illustration in Istanbul, Turkey August 14, 2018.

Last week, Washington doubled steel and aluminium tariffs on Turkey over its continued detention of U.S. pastor Andrew Brunson.

Trump said the United States had helped Turkey in a related incident, but that the North Atlantic Treaty Organisation ally had not repaid the favor.

That move was followed by an announcement by Trump last week that the United States was doubling tariffs on imported Turkish metals.

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.

Turkey's lira, meanwhile, dropped nearly 3% to almost six to the dollar again, having recovered ground rapidly in recent days. "They have a great Christian pastor there".

'The import duties were increased on some products, under the principle of reciprocity, in response to the USA administration's deliberate attacks on our economy, ' Vice President Fuat Oktay wrote on Twitter.

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Erdogan doubled the tariffs on passenger cars to 120 per cent, on alcoholic drinks to 140 per cent and on leaf tobacco to 60 per cent.

Trump then called Brunson a "very innocent man" and said his arrest was "not fair, not right".

Turkey says the case is a matter for the courts.

Maybe we can enjoy that feeling now, as worries seem to have eased over Turkey and its faltering currency, which as of Monday had marked a 30-per-cent-plus weekly plummet against the USA dollar.

He later tweeted: "Turkey has taken advantage of the United States for many years".

In response to Washington's measures against Turkey, President Recep Tayyip Erdogan called for a boycott of American electronic products, notably Apple.

Although Qatar has now pledged $15 billion it has not actually paid anything, and it may not be enough to solve Turkey's economic problems. Washington later said it was ready to impose further economic sanctions on Turkey.

"Recent developments in the U.S. -Turkey relationship threaten both countries' economic interests and put at risk an alliance that has proven its value over decades", said Myron Brilliant, U.S. Chamber of Commerce executive vice president and head of global affairs, in a message to the U.S. Chamber's U.S. -Turkey Business Council.

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