Turkey hikes tariffs on imports of several USA products

Turkish lira

Turkey had previously said it would boycott USA electronic products.

The investment package was announced after Qatar's Emir Tamim bin Hamad Al Thani met President Recep Tayyip Erdogan in Ankara on Wednesday.

A Turkish court Tuesday released two Greek soldiers detained since March on espionage charges for illegally crossing the border in a case that has stoked tensions with Brussels.

Turkey has been rocked in recent days by a sharp decline in the value of its lira after US President Donald Trump tweeted last Friday that Washington was doubling aluminum and steel tariffs for Ankara.

A Turkish court on Wednesday rejected a new appeal to free U.S. pastor Andrew Brunson, whose detention has sparked a major row between Turkey and the United States, local media reported.

Qatar will make $15 billion of direct investment in Turkey, Qatar's leader said on a visit to Ankara on Wednesday, said Turkey's presidential spokesman.

"The tariffs from Turkey are certainly regrettable and a step in the wrong direction".

Those consequences are USA sanctions and a doubling of tariffs on Turkish steel and aluminum, announced by President Trump on Friday.

Turkish Trade Minister Ruhsar Pekcan told the state run Anadolu news agency that the doubling of tariffs on some imported U.S. products would amount to $533m.

More news: USA newspapers unite against Donald Trump's 'fake news' rhetoric

On Wednesday, the lira traded at 6.4125 to the US dollar, weakening from a close of 6.3577 a day earlier.

The lira had already rebounded about 8 percent on Tuesday on news of a planned conference call on Thursday in which the finance minister will seek to reassure global investors.

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

But analysts say such measures are artificial stop-gaps and do not deal with the core issues hurting Turkey's economy - especially inflation approaching some 16 percent - which are crying out for a sharp interest rate hike.

Mr Erdogan has accused the USA of trying to "bring Turkey to its knees through threats over a pastor".

"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.

"The US is our major trade partner but it's not the only one", Pekcan was quoted as saying by the official Anadolu news agency.

"The sanctions, however, that have been placed on Turkey are specific to pastor Brunson and others that we feel are being held unfairly, and we would consider that at that point", Sanders added.

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