Qatar to aid Turkey, lira rallies, U.S. rejects lifting tariffs

Qatar to aid Turkey, lira rallies, U.S. rejects lifting tariffs

He was arrested in October 2016 during the purges occurring after the aftermath of the 2016 Turkish coup d'état attempt, which involved imprisoning tens of thousands of Turkish military personnel, civil servants, educators, academics, dissidents, and journalists.

On Wednesday, Turkey doubled tariffs on some imports from the USA - such as passenger cars, alcohol and tobacco - in what it said was retaliation for "deliberate attacks" on its economy.

The tit-for-tat measures are part of a broader dispute between the two countries over the fate of an American citizen, Andrew Brunson, who is being prosecuted by Turkish authorities on terrorism-related charges.

Turkey has suffered the most from the feud, which has helped push its currency, the lira, to record lows against the dollar.

The announcement on Wednesday came after the emir held talks with Turkish President Recep Tayyip Erdogan in Ankara, Turkey's capital.

A decree signed by President Tayyip Erdogan, doubled Turkish tariffs on passenger cars to 120 per cent, on alcoholic drinks to 140 per cent and on leaf tobacco to 60 per cent. Tariffs were also doubled on goods such as cosmetics, rice and coal.

Also on Wednesday, the Turkish government doubled tariffs on a number of USA imports, including cars and alcohol.

Turkey announced Wednesday that it is increasing tariffs on imports of certain US products as a court denied an American pastor's appeal to be released from house arrest - both moves likely to escalate a feud with the United States that has helped trigger a currency crisis. The taxed imports include alcohol, cars and tobacco, in retaliation to tariffs imposed by President Donald Trump last week on Turkish metals exports.

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'The fundamentals of the Turkish economy are robust and Turkey will emerge stronger from this process, ' he wrote.

In this July 25, 2018 photo, evangelical pastor Andrew Craig Brunson, center, arrives at his house in Izmir, Turkey.

Brunson, who has been living in Turkey for more than two decades, was accused of helping supporters of the USA -based Fethullah Gülen who Turkish authorities say masterminded the 2016 coup attempt in which 250 people were killed.

While policy makers have hiked lending rates by 500 basis points this year to 17.75 per cent, they're under constant pressure from Erdogan to keep rates low because he thinks it's better for the economy.

"Turkey would do well not to test @POTUS Trump's resolve to see Americans who are wrongfully imprisoned in foreign lands returned home to the United States", Vice President Mike Pence said in a tweet.

"We expect that Turkey will have to introduce deep fiscal and monetary tightening to stabilise the Turkish lira, which in turn will dampen economic activity further". A higher court was however, was scheduled to review the appeal, the agency said. "They don't hesitate to use the economy as a weapon", the president noted, suggesting that Turkey may soon boycott American electronics, including the iPhone.

Trade Minister Ruhsar Pekcan said the tariffs would amount to $533m.