Qatar pledges $15 billion to invest in Turkey

Qatar pledges $15 billion to invest in Turkey

Qatar pledges $15 billion to invest in Turkey

"I do not expect Turkey to look for new allies", said Yasar Yakis, a former minister of foreign affairs, adding that President Recep Tayyip Erdogan's remarks should be taken as a warning rather than something tangible.

Erdogan has said Turkey is the target of an economic war, and has made repeated calls for Turks to sell their dollars and euros to shore up the national currency.

The escalating dispute between the two countries has exacerbated Turkey's economic crisis, pushing the lira to record lows.

The White House said on Wednesday that it would not remove steel tariffs on Turkey, appearing to give Ankara little incentive to work for the release of Andrew Brunson, a pastor on trial in Turkey on terrorism charges.

The US doubled tariffs last week over Turkey's refusal to extradite a US pastor who is imprisoned there.

Turkey's new tariffs follow President Recep Tayyip Erdogan's call on Tuesday for a boycott of USA electronics including Apple Inc.'s iPhones to retaliate for the Trump administration's punitive actions over the past few weeks to pressure Turkey into releasing an evangelical Christian minister, Andrew Brunson.

A top Turkish official says Turkey, France and Germany "are on the same page" concerning their opposition to US sanctions and tariffs restricting trade.

Last Friday, U.S. President Donald Trump said he had authorised higher tariffs on aluminium and steel imports from Turkey.

However, the currency market's reaction to his conference call - in which he also said Turkey had no plans to seek help from the International Monetary Fund or impose capital controls to stop money from flowing overseas - was measured.

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Kilic was among several human rights activists caught up in a massive crackdown that Turkey launched following the attempted coup.

It was supported by news of a planned conference call on Thursday in which the finance minister will seek to reassure investors concerned by Erdogan's influence over the economy and his resistance to interest rate hikes to tackle double-digit inflation.

"We've seen no evidence that Pastor Brunson has done anything wrong and we believe he is a victim of unfair and unjust detention by the government of Turkey", White House Press Secretary Sarah Sanders said at the time.

The spokesperson said that Turkish authorities had so far given no indication that they meant to seek International Monetary Fund assistance, according to the report.

However, the former diplomat does not think "the trans-Atlantic community will push Turkey to such an option".

Turkey has agreed to buy S-400 surface-to-air missiles from Russian Federation, an unprecedented move by a North Atlantic Treaty Organisation member, which has raised objections from members of both parties of the U.S. Congress and the Trump administration.

Brunson has appealed again to a Turkish court to release him from house arrest and lift his travel ban, his lawyer told Reuters on Tuesday. The United States slapped financial sanctions on two Turkish ministers and doubled steel and aluminum tariffs on Turkey over his continued detention.

Berat Albayrak made the comments on Thursday during a teleconference with thousands of worldwide investors and economists to provide an update about the state of Turkey's economy, amid a diplomatic dispute with the U.S. that has seen tariffs from both sides pile up and the lira plunge.

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