Monday, 19 November, 2018

Qatar promises $15 billion investment in Turkey

Qatar promises $15 billion investment in Turkey Qatar promises $15 billion investment in Turkey
Russell Knight | 16 August, 2018, 20:25

The administration of US President Donald Trump has regretted Turkey's move to increase tariffs on US imports, which itself came in retaliation for increased tariffs earlier imposed by Washington on Ankara.

Earlier on Wednesday, Turkey said it was increasing tariffs on imports of certain U.S. products in response to American sanctions on Ankara that caused the value of the lira to plunge.

If the Turkish government does not eventually agree to USA demands and release him early, Brunson could spend 35 years in prison.

"Escalating the use of Section 232 tariffs on imports from Turkey poses serious risks for the United States", Brilliant said. Erdogan has blamed the US for the fall of the lira, but refused to budge on Trump's demand for Brunson's release.

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. The United States was the fourth-largest source of imports to Turkey previous year, accounting for $12 billion of imports, according to International Monetary Fund statistics.

Turkey announced Wednesday it is increasing tariffs on imports of certain U.S. products, escalating a feud with the United States that has helped trigger a currency crisis.

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Businessmen holding USA dollars stand in front of a currency exchange office in response to the call of Turkish President Tayyip Erdogan on Turks to sell their dollar and euro savings to support the lira, in Ankara, Turkey Aug. 14, 2018.

Turkey will continue talks with the United States if it shows a constructive stance to resolve the diplomatic row, Ibrahim Kalin said, adding that no discussions were planned. "The tariffs are specific to national security".

On Wednesday, a court rejected an appeal for Brunson to be released from house arrest.

The pastor is now being held under house arrest.

Erdogan has also called on Turks to help defend the country against the United States economic war on the nation, appealing to Turkish people to exchange dollars and gold for lira to support the lira. The currency has lost almost 40 per cent against the dollar this year, impacted by Mr Erdogan's growing influence on the economy and his repeated calls for lower interest rates despite high inflation. Brunson's lawyer told Reuters that the appeal could be heard sooner that the usual three to seven days. "The central bank has not done this through a change in the benchmark rates, but they are squeezing liquidity, so the result is the same", he said.

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