Qatar Rescues Turkey With $15 Billion

Share

"President Trump's imposition of tariffs on steel and aluminum is about protecting American national security", the spokesperson said. "This is regrettable and a step in the wrong direction".

Washington has imposed sanctions on Ankara over the detention of an American pastor, Andrew Brunson.

Turkish Finance Minister Berat Albayrak, who is Erdogan's son-in-law, and his Qatari counterpart Ali Sharif Al-Emadi were present at the talks in the capital Ankara. The currency has lost almost 40 per cent against the dollar this year, impacted by Mr Erdogan's growing influence on the economy and his repeated calls for lower interest rates despite high inflation.

The sellers returned in full swing in the European session, as the traders digested the reports that Qatar pledged $15 billion in investment to Turkey.

Qatar promises $15B investment in Turkey - presidency
Turkey's lira has plummeted almost 40 percent this year due to concerns over Erdogan's growing influence on the economy. Brunson's lawyer told CBS News that a higher court was still considering the appeal and could overrule that decision.

The currency has now stabilized at around 6.50 lira against the dollar.

Citing the "principle of reciprocity", on 15 August Turkey sharply increased tariffs on a range of products from the United States. When asked about the impact of the U.S. spat with Turkey on the country's currency, the spokeswoman said Washington was "monitoring the situation". The United States doubled tariffs on Turkish steel and aluminium last week, which contributed to a tumble in the Turkish lira. Turkey's exports to the United States previous year amounted to $8.7 billion, making it Turkey's fifth-largest export market.

The pastor is now being held under house arrest.

US Vice President Mike Pence also renewed his threats to Turkey on Wednesday, warning that he and Trump would "stand firm" until Brunson is released. "These are appeals that require fast decision making because they are related to an individual's freedoms", Brunson's attorney Ismail Cem Halavurt told Reuters.

Trump Revokes Security Clearance of Former CIA Director John Brennan
Wednesday afternoon Brennan appeared on MSNBC and aired his concerns about the ramifications of Trump's actions. Critics slammed Trump's action as an abuse of presidential power.

Brunson's lawyer Cem Halavurt told AFP that a higher court would also discuss his appeal for Brunson's release. White House press secretary Sarah Sanders that Washington will withdraw sanctions on Turkey if Brunson was set free.

Erdogan has said Turkey is the target of an economic war, and he has made repeated calls for Turks to sell their dollars and euros to shore up the currency. Turkey retaliated with some $533 million of tariffs on some USA imports - including cars, tobacco and alcoholic drinks - and said it would boycott us electronic goods, singling out Iphones.

Investors are anxious not only about Turkey's souring relations with the United States, a longtime North Atlantic Treaty Organisation ally, but also Turkish President Recep Tayyip Erdogan's economic policies and the country's high debt accumulated in foreign currencies.

Qatar pledges US$15 billion to Turkey as lira rallies
Turkey's lira has plummeted almost 40 percent this year due to concerns over Erdogan's growing influence on the economy. Erdogan thanked the emir and the people of Qatar for "standing by Turkey", the official Anadolu news agency reported .

Share