Qatar Comes to Rescue as Turkey Moves to Avert Financial Crisis

Turkey news: Erdogan rages at Trump 'economic warfare' over sanctions | Daily Star

The decree said the move brought tariffs to 50 percent on imports of U.S. rice, 140 percent on hard alcoholic drinks like spirits, 60 percent in leaf tobacco and 60 percent on cosmetics.

Explaining the new tariffs, Turkish Vice-President Fuat Oktay said the rises were ordered "within the framework of reciprocity in retaliation for the conscious attacks on our economy by the United States administration".

The lira is now down around 45% against the dollar since the start of the year, making it far harder for Turkish companies to pay back loans they have taken out in the USA currency.

"I have just authorized a doubling of Tariffs on Steel and Aluminum with respect to Turkey as their currency, the Turkish Lira, slides rapidly downward against our very strong Dollar!"

"Turkey does not favor an economic war, but it can not remain unresponsive when it is attacked", presidential spokesman Ibrahim Kalin said.

Turkey has accused the US of waging an "economic war" as part of a plot to harm the country.

Washington imposed sanctions on two Turkish ministers two weeks ago over the trial on terrorism charges of U.S. evangelical pastor Andrew Brunson in Turkey, and last week it raised tariffs on Turkish metal exports.

The announcement follows Turkish President Recep Tayyip Erdoğan's call for a boycott of US electronics, including Apple's iPhones to counter Trump's actions to ramp up pressure on Turkey to release Brunson.

But a gift from Qatar on Wednesday of $15 billion in direct investment has helped buoy the currency.

Elon Musk accused in lawsuit of fraud over going-private proposal
On Tuesday he tweeted that he had secured funding to buy all Tesla shares and take the company private . Shorting a stock can temporarily lower its price, making short investors a frequent target of CEO wrath.

The Gulf state made the investment as Turkey grapples with a collapse in the lira and tensions with North Atlantic Treaty Organisation ally the United States.

"They will likely just give warm words to Turkey, looking to exploit the situation and stir things up for the USA and the West", said Timothy Ash, senior strategist at BlueBay Asset Management. It recovered a bit, by 4 percent to around 6.12 lira per dollar Wednesday, after the government took steps to shore up the currency by reducing the daily limit in bank foreign currency swap transactions.

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 crisis has sent the Turkish currency into free fall since Friday.

In another high-profile case, a Turkish court ruled on Wednesday to release from jail Taner Kilic, the local chair of Amnesty International, a researcher from the rights group said. Erdogan spoke with German Chancellor Angela Merkel on Wednesday and will speak to French President Emmanuel Macron on Thursday.

Turkey and Qatar have become close economic and political partners in recent times.

It was unclear, meanwhile, whether the boycott of American electronics would be enforced in any way.

The 50-year-old pastor is now being tried on espionage and terror-related charges.

Mr. Trump has repeatedly asked for Mr. Brunson's release, while Ankara said the decision was up to the court. A higher court was however, was scheduled to review the appeal, the agency said.

Related news:

Hot News

isis-killer-beheading-video-story-top White House faces criticism over incorrect African American employment numbers
Aug 16, 2018 - 02:03
On Tuesday, White House Press Secretary Sarah Huckabee Sanders did something she's done plenty of times before. Beyond her word that the tape exists - and comedian Tom Arnold's claim that he's heard it - there is no proof.

isis-killer-beheading-video-story-top Player Ratings: Liverpool vs West Ham - August 12th 2018
Aug 16, 2018 - 01:56
Liverpool have not conceded a goal in their last six home games in the league - since West Ham scored against them in February. Jurgen Klopp was pleased with Liverpool's convincing start to the season, but warned there will be much tougher tests ahead.

isis-killer-beheading-video-story-top The Rush: Tiger Woods gives us chills and thrills at PGA Championship
Aug 15, 2018 - 03:07
It came as he finished his final round and walked off the green to a bridge that took the players to the clubhouse. Four victories secured his European Tour card and a win in Turkey in 2014 propelled him back onto the U.S.

isis-killer-beheading-video-story-top ‘Marvel’s Spider-Man’ Swings Into View With New Launch Trailer
Aug 15, 2018 - 02:15
Directed by Jon Watts, Spider-Man: Far From Home stars Tom Holland as Peter Parker, the friendly neighborhood Spider-Man. This trailer goes one step further by actively foreshadowing the demise of Parker's Spider-Man.

isis-killer-beheading-video-story-top Meghan Markle 'won't fall for dad's crocodile tears'
Aug 15, 2018 - 01:52
Thomas claimed he then told the royal, "Maybe it would be better for you guys if I was dead ...then you could pretend to be sad". Although this was a solo trip for Harry, Botswana is a place where he and Meghan have shared many fond memories before.

isis-killer-beheading-video-story-top Tesla forms three-member panel to look at any Musk deal
Aug 15, 2018 - 01:49
But Musk said he was also talking to other investors because he wanted to "continue to have a broad investor base". Musk's attempt to take the carmaker private requires approval from the committee, the filing by Tesla said.

isis-killer-beheading-video-story-top Paul Pogba, Jose Mourinho, Ed Woodward
Aug 15, 2018 - 01:34
Mundo Deportivo has claimed that Barca will attempt to buy the France global before the transfer window closes in Spain , but Braida suggested those reports are untrue.

isis-killer-beheading-video-story-top Firefighter killed battling largest blaze in California history
Aug 15, 2018 - 01:11
CalFire Mendocino issued a tweet Monday at around 7:30 p.m. and said more information will be released as it becomes available. The fire, which is roughly the size of Charlotte, North Carolina, was 59% contained as of Sunday morning.

isis-killer-beheading-video-story-top Omarosa releases taped conversation with President Trump
Aug 14, 2018 - 02:10
And if I didn't have these recordings, no one in America would believe me. "I was complicit - and for that I regret". But Newman pushed back against her critics by arguing that she can substantiate her claims in the book. "Damn it.

isis-killer-beheading-video-story-top Fight for Afghan city rages despite govt claim of upper hand
Aug 14, 2018 - 01:24
According to them, fighters stormed the city from the Khoghyani district but had reinforcements already inside the city. He said however that foreign fighters, including Pakistanis and Chechens, are involved in the battle for Ghazni .

isis-killer-beheading-video-story-top ‘Unbelievably hard’ to win Premier League title, says Liverpool boss Jurgen Klopp
Aug 14, 2018 - 01:23
Mostly he was seen linking up with the attack throughout the game. "I think we're both happy with a point in the end". Liverpool haven't been crowned champions of England since 1989/90 and finished 25 points behind City last season.

isis-killer-beheading-video-story-top Why NASA’s Parker Solar Probe headed for the Sun won’t melt
Aug 14, 2018 - 01:07
It is the first space craft to be named after a living person - astrophysicist Eugene Parker , 91, who first described solar wind in 1958.

isis-killer-beheading-video-story-top Fmr, Current WH Officials: Manigault's Claims In New Book Are 'Completely False'
Aug 14, 2018 - 00:57
Then moments later he apologized for attacking her, but said he had to because the "Fake Media" would not cover her fairly . But Newman pushed back against her critics by arguing that she can substantiate her claims in the book.

isis-killer-beheading-video-story-top Tech stocks take Nasdaq closer to record
Aug 13, 2018 - 02:25
Shares of Apple (AAPL.O) rose 0.8 percent , while those of Amazon (AMZN.O) were up 0.6 percent and Microsoft (MSFT.O) 0.4 percent. The report comes as the latest reading of the consumer price index - a key metric for inflation - is set for release on Friday.

isis-killer-beheading-video-story-top Surge in part-time work offsets full-time losses, helps drops unemployment rate
Aug 13, 2018 - 02:24
Average hourly wages in July, a figure watched closely by the central bank, rose by 3.0 percent from a year earlier. But, it could be an indicator of whether the Bank of Canada will increase interest rates next month.