Qatar Rescues Turkey With $15 Billion

President Recep Tayyip Erdogan arrives at Saffet Cebi Ortaokulu polling station to cast his vote in the Turkish election

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

"We have more that we are planning to do if they don't release him quickly", Mnuchin said during the meeting.

"Turkey will emerge stronger from these [currency] fluctuations", Albayrak said in a conference call with thousands of foreign investors.

With Ankara locked in a complex rift with Washington, he also played down a decision by President Donald Trump to double tariffs on imports of Turkish metals.

This has worsened a crisis for Turkey's currency, the lira, which has lost about a third of its value against the dollar since January. Brunson, who Turkish officials say had links to a failed 2016 coup, is being held under house arrest.

In an interview Wednesday with Anadolu Agency, Qatar's Ambassador to Turkey Salem bin Mubarak Al-Shafi said: "The state of Qatar is always proactive in supporting its Turkish brothers". If the Turkish government does not eventually agree to US demands and release him early, Brunson could spend 35 years in prison.

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The White House does not appear to be decreasing its pressure on Turkey to release Brunson.

President Donald Trump tweeted on Thursday that the U.S. will "pay nothing" for the release of a jailed American Pastor in Turkey, but would punish Ankara if he is not released.

The United States will take further action against Turkey if it continues to detain American pastor Andrew Brunson, Treasury Secretary Steven Mnuchin said Thursday in a sign that tensions between the North Atlantic Treaty Organisation allies will continue to escalate over the issue.

The row has put enormous pressure on Turkey's currency, the lira.

Gold prices shed over one per cent on Thursday.

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The government announced the tariffs "under the principle of reciprocity", following sanctions imposed by Washington over the detention of an American pastor, which sent the lira tumbling to record lows against the dollar.

Qatar, backed by Erdogan during the Saudi-led embargoes on the emirate in 2017, on Wednesday pledged to channel $15 billion direct investment into Turkey, a sign of burgeoning ties between the two countries.

Erdogan has said Turkey is the target of an economic war, and he has made repeated calls for Turks to sell their dollars and euros to shore up the currency. "But hypothetically speaking, ...if one of our public banks need help, the government will stand strong by it for sure".

The pastor row is one of several between the North Atlantic Treaty Organisation allies, including diverging interests in Syria and USA objections to Ankara's ambition to buy Russian defense systems, that have contributed to instability in Turkish financial markets.

Measures taken by Turkey's central bank also helped the lira rebound, such as cracking down on foreigners aiming to short the currency. "We will boycott the electronics products of the U.S".

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