Qatar promises $15 billion investment in Turkey

Turkey denies American pastor’s appeal, decides to hit the US with tariffs instead

Qatar to make direct investment of $15B in Turkey

A court refused to release Mr Brunson, and the the government in Ankara increased tariffs on imports from the U.S. of cars, alcoholic drinks and leaf tobacco - and the lira recovered slightly.

Meanwhile, the Turkish people also expanded their boycott of other U.S. products ranging from textiles to fast food.

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

Trump likely was referring to the increase in tariffs and sanctions he authorized last week - after which the Turkish economy took a tumble. "If they back the American position on Turkey tariff penalties, then they lose Turkey".

The two North Atlantic Treaty Organisation allies have traded tit-for-tat sanctions over the pastor's house arrest.

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The Turkish banking watchdog has taken steps to stabilise the currency, limiting futures transactions for offshore investors and lowering limits on swap transactions.

The lira, which has weakened 36 percent against the dollar this year, eased to 5.98 against the dollar by 0443 GMT from a close of 5.95, as investors weighed up the latest comments from the United States.

The escalating dispute between the two countries has exacerbated Turkey's economic crisis, pushing the lira to record lows.

At 0937 GMT the currency TRYTOM=D3 stood at 6.2499 to the dollar, almost 7 percent weaker. "Similarly, there has been no improvement in relations with the US and additional sanctions may be on the horizon".

"The tariffs that the United States placed on Turkey were out of national security interests". Doha has $20 billion worth of investments in Turkey, and Ankara is one of the top exporters to the emirate.

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The Turkish president said: "If they have the iPhone, there is Samsung elsewhere".

Mr Brunson has denied charges of espionage, but faces up to 35 years in jail if found guilty. An upper court had yet to rule on the appeal, his lawyer told Reuters. "We have more that we're planning to do if they don't release him quickly", Mnuchin said. The same day, the country's government announced that it would hit US imports with a new round of tariffs.

The lira has weakened 35 percent against the dollar this year as the deterioration in ties between the North Atlantic Treaty Organisation allies fuelled losses driven by concerns over President Tayyip Erdogan's influence over monetary policy.

Mr Erdogan responded on Tuesday by announcing that his country will boycott US-made electronic goods such as iPhones and will buy Korean Samsung or Turkish-made Vestel instead.

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