US Threatens More Turkey Sanctions if Pastor Not Released

Lira rallies after Turkey raises tariffs on US imports

"Qatar will continue to stand by its Turkish brothers as it did during the failed coup attempt in 2016", Al Shafi said, adding Qatari people purchased millions of Turkish lira to support Ankara against the "economic operation", the country is witnessing, local media reported.

Erdogan has called on Turks to exchange their dollars for lira in order to shore up the domestic currency.

Turkey has responded defiantly to the US's threats by implementing retaliatory tariffs on a raft of United States imports, including passenger cars, tobacco and alcohol. Lots of countries had been the target of similar United States trade measures, he said, and Turkey would navigate this period with other parties such as Germany, Russia and China.

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".

Doha has Dollars 20 billion worth of investments in Turkey, official figures showed last month, and Ankara is now one of the top exporters to the emirate.

Erdoğan's claim that the United States is using "the economy as a weapon" is a response to sanctions imposed on high-ranking Turkish justice officials this month in response to the continued detention of Pastor Brunson.

Asked how U.S. President Donald Trump's administration would react to any such Turkish boycott, White House Press Secretary Sarah Sanders replied Tuesday, "I certainly don't have a policy announcement on that at this point".

Erdogan has said Turkey needs to find "new friends" because of the row with the its North Atlantic Treaty Organisation ally.

The Turkish government doubled its tariffs on imports of American cars and alcoholic beverages to 120 and 140 percent, respectively, CNN reported.

Qatar pledged invest up to $15billion in Turkey after Emir Sheikh Tamim bin Hamad Al Thani held talks with President Erdogan in Ankara on Wednesday.

The lira had plunged to record lows on Monday, but has since clawed back some of its losses, not only after the retaliation on tariffs, but also after the Turkish Central Bank announced banks would be given help to keep money moving around the system. The relations are based on solid foundations and mutual appreciation between the two countries' leadership.

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Reuters quoted an official as saying more economic pressures may be in store for Turkey unless steps are taken "in the next few days or a week".

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

The lira was trading on Wednesday at 6.02 to the dollar, a gain in value on the day of 5.5 percent.

Turkish authorities have called on their citizens to sell their foreign currency in order to bolster the lira.

Markets have been concerned by Erdogan's influence over the economy and his resistance to interest rate increases to tackle double-digit inflation.

He has also warned Ankara could start looking for new allies, as well as new markets.

Writing on Twitter, President Trump said: "Turkey has taken advantage of the United States for many years".

Qatar and Turkey are bound by strategic relations at the political, economic and military fronts. "It's fairly clear that the Fed is nearly certain to hike in September and very likely to hike in December again, whereas other central banks are maintaining a status quo".

Earlier on Wednesday, Erdogan spoke on the phone with German Chancellor Angela Merkel, the Turkish presidency.

Beset by a shaky currency and tension with the United States, Turkey is reaching out to Europe to shore up relations with major trading partners despite years of testy rhetoric and a stalled bid for European Union membership.

"The tariffs that are in place on steel will not be removed with the release of pastor Brunson".

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