Turkish lira weakens as U.S. warns of new sanctions over detained pastor

Qatari emir vows $15bn investment in Turkey after Erdogan meeting

Erdogan and Sheikh Tamim held talks for three hours

"Escalating the use of Section 232 tariffs on imports from Turkey poses serious risks for the United States", Brilliant said.

"Turkey will emerge stronger from these (currency) fluctuations", said Albayrak, who is also Erdogan's son-in-law.

Trump tweeted on August 10 that he has authorized a doubling of tariffs on Turkish steel and aluminum imports as their currency Lira slides rapidly downward against the United States dollar.

The Turkish lira rebounded some six per cent on Wednesday after the central bank squeezed lira liquidity in the market, effectively pushing up rates and supporting the currency.

For years Turkish firms have borrowed in dollars and lira to take advantage of lower interest rates. "Turkish-Qatari relations are based on solid foundations of true friendship and solidarity", he said.

The White House on Wednesday condemned Turkey's doubling of tariffs on USA cars, alcohol and tobacco imports, calling the action "a step in the wrong direction".

The row has caused Turkish lira to crash to an all-time low against the USA dollar, prompting Turkish officials to take emergency measures.

US President Donald Trump prefaced Mnuchin's remarks by saying that Turkey had not been a very good friend to the US.

Ankara's first batch of tariffs hit $1.8 billion in us products.

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'The import duties were increased on some products, under the principle of reciprocity, in response to the USA administration's deliberate attacks on our economy, ' Vice President Fuat Oktay wrote on Twitter.

On Wednesday, the United States dismisses any move to remove steel tariffs which caused currency rout in the Turkey even in the circumstance if Ankara frees a USA pastor.

"If they have the iPhone, there is Samsung elsewhere".

Turkey's finance chief tried to reassure thousands of worldwide investors on a conference call Thursday, in which he pledged to fix the economic troubles.

However, there are still concerns over Turkish President Tayyip Erdogan's policies to combat the country's double-digit inflation and his row with Washington over detained American pastor Andrew Brunson.

Turkish companies need to pay close to 5.80 lira for each $1 of debt that they owe, for example, up from 3.79 lira at the start of the year.

"Turkey isn't in favor of an economic war", Ibrahim Kalin said Wednesday, "but staying silent when attacked is out of question".

Underscoring the ties between the countries, Sheikh Tamim was the first foreign leader to phone President Erdogan during the failed coup in Turkey in 2016.

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