Qatar to aid Turkey, currency rallies but U.S. says tariffs to stay

Turkey braces for hard times amid currency crisis US spat

The Turkish government said tariffs on American cars will be doubled to 120 percent while those on alcoholic drinks will be hiked by the same rate to 140 percent. A lower court earlier on Wednesday turned down his lawyer's request to free him, and the USA - which rejects Turkey's accusations - has said it won't negotiate until he's released. Though it was unclear how the boycott would be enforced or encouraged.

Yakis agreed that Turkey, with its critically important geo-strategical position and a powerful army, could "easily find allies elsewhere if it is alienated by its North Atlantic Treaty Organisation allies".

The move by Turkey's Gulf ally offered further support to a lira rally after the Turkish central bank tightened liquidity and curbed selling of the currency.

The currency drop is particularly painful for Turkey because it has accumulated a high debt in foreign currencies.

The currency has lost almost 40 percent against the dollar this year, driven by worries over Erdogan's growing influence on the economy and his repeated calls for lower interest rates despite high inflation.

However, the lira managed to pick up on Wednesday, firming 5.75 against the dollar - more than five percent in gain - and stood at 5.80 on Thursday morning. Turkey also maintains a small military base in Qatar. On Wednesday, Turkey then freed Amnesty International's honorary chairman for Turkey, Taner Kilic, from prison pending the outcome of his trial on terror charges.

French President Emmanuel Macron (L) meets Turkish President Tayyip Erdogan (R) in New York, US on September 19, 2017.

Investors seemed to focus on this and underlying economic problems over the exchange of tariffs with the USA, which analysts said was unlikely to cause serious pain.

This breakdown in relations is notable because it's pushing Turkey closer to the U.S.' rival, Russia.

She said: "the United States is an important trading partner, but it is not our only partner".

The ministers responded by condemning the sanctions and claiming not to have any economic interests or properties in the United States. "This is just a symbolic gesture", he said.

This, in turn, means that 41.09 million projected smartphone users in Turkey till past year out of which 7.15 million of them use iPhones.

State Department spokeswoman Heather Nauert said Turkey's economic woes were not started by U.S. sanctions.

Attention will turn Thursday to an address by the finance minister to foreign investors for clues on any change in economic policy.

"I do not expect Turkey to look for new allies", said Yasar Yakis, a former minister of foreign affairs, adding that President Recep Tayyip Erdogan's remarks should be taken as a warning rather than something tangible.

Last Friday, U.S. President Donald Trump said he had authorised higher tariffs on aluminium and steel imports from Turkey.

The White House stance appeared to give Turkish authorities little incentive to work for the release of Andrew Brunson, a pastor on trial in Turkey on terrorism charges and whose case Turkish officials have said was a matter for the courts.

A previous appeal by Halavurt on behalf of Brunson was rejected by the court.

Even though Europe grows increasingly protectionist, such as implementing tariffs of 25 percent to volumes exceeding quotas, Turkish steel is likely to have the upper hand in European markets with "fairly-priced and high-quality steel".

"We've seen no evidence that Pastor Brunson has done anything wrong and we believe he is a victim of unfair and unjust detention by the government of Turkey", White House Press Secretary Sarah Sanders said at the time.

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