Turkish Treasury and Finance Minister Berat Albayrak
The Turkish lira rallied 3 percent on Thursday ahead of a presentation by Finance Minister Berat Albayrak to investors, shrugging off U.S. comments ruling out the removal of steel tariffs on Turkey even if it frees a U.S. pastor.
The lira gained support from the announcement late on Wednesday of a Qatari pledge to invest $15 billion in Turkey and Albayrak will be looking to reassure investors in his conference call at 1300 GMT.
The lira, which has weakened 34 percent against the dollar this year, firmed to 5.7500 against the dollar by 0722 GMT from a close of 5.95.
The White House on Wednesday said U.S. tariffs on aluminum and steel imports from Turkey are "specific to national security".Speaking at a news conference, White House spokeswoman Sarah Sanders said tariffs on Turkey would not be removed even if detained American Pastor Andrew Brunson, who is facing terrorism charges in Turkey, is released.“The tariffs that are in place on steel would not be removed with the release of pastor Brunson. The tariffs are specific to national security," she said.The U.S will consider the removal of the sanctions that have been placed on Turkey and are "specific to pastor Brunson and others" when the aforesaid people are released, Sanders added.Turkey and the U.S. are currently experiencing rocky relations following Washington’s imposition of sanctions on two government ministers for not releasing American pastor Andrew Brunson, who faces terrorism-related charges in Turkey.Last Friday President Donald Trump ramped up his attack on Turkey by doubling U.S. tariffs on Turkish aluminum and steel imports.Turning to U.S. reaction against Turkey's increasing tariffs on American products, Sanders said, “the tariffs from Turkey are certainly regrettable, and a step in the wrong direction."The tariffs that the United States placed on Turkey were out of national security interest. Theirs are out of retaliation," she added.Turkey has increased tariffs on several U.S. products, including alcohol, tobacco and cars, according to a new presidential decree published Wednesday in the official gazette.*Michael Hernandez in Washington contributed to this story
US tariffs to remain even if pastor freed: WH
It has rebounded sharply from a record low of 7.24 this week, benefiting from central bank steps to underpin a currency hit amid a dispute with Washington.
JP Morgan said moves by Turkish authorities showed they were committed to stabilising the currency with technical measures such as restricting forex swaps and cancelling repo auctions to push up the weighted average cost of funding.
Investors said Albayrak's conference call was going to be a key test of whether Turkey can convince the market that its monetary policy is not hostage to political influence.
The presidency dubbed currency attacks targeting Turkey an “economic coup bid” and said that Turkey was deflecting it on Thursday.“We're warding off this economic coup bid with our president's leadership and the foresight of the Turkish nation,” Turkish Presidency Communications Director Fahrettin Altun posted on his official Twitter account.“In this process, this mighty nation will not forget those who stood with it, and those who stood against it,” he added, referring to the current rift between Turkey and the United States.Turkey and the U.S. are currently experiencing rocky relations following Washington’s imposition of sanctions on two government ministers for not releasing American pastor Andrew Brunson, who faces terrorism-related charges in Turkey.Qatar to make direct investment of $15B in TurkeyLast Friday President Donald Trump ramped up his attack on Turkey by doubling U.S. tariffs on Turkish aluminum and steel imports, which caused the Turkish lira to lose value against the U.S. dollar.Turkey in its turn increased tariffs on several U.S. products, including alcohol, tobacco and cars, according to a new presidential decree published Wednesday in the official gazette.The Turkish lira gained value against the dollar on Thursday after the United States ruled out removing steel tariffs on Turkey even if Ankara frees the U.S. pastor, and after Qatar pledged $15 billion in investment to Turkey.Trade dispute with Turkey puts pressure on US stocksUS tariffs to remain even if pastor freed: WHEx-French diplomat slams Trump's Turkey policyTurkey invites US to panel in WTO
Turkey ‘warding off economic coup bid’
The White House said on Wednesday that it would not remove steel tariffs on Turkey, appearing to give Turkish authorities little incentive to work for the release of Andrew Brunson, a pastor on trial in Turkey on terrorism charges.
Turkish officials say Brunson's case is a matter for the courts.
President Donald Trump doubled tariffs on Turkish metals exports to the United States last week prompting Turkey, which says it will not bow to threats, to raise tariffs on U.S. cars, alcohol and tobacco by the same amount on Wednesday.
The pastor row is one of several between the NATO allies, including diverging interests in Syria and U.S. objections to Ankara's ambition to buy Russian defence systems.
Turkish President Recep Tayyip Erdoğan on Tuesday said that Turkey will boycott U.S.'s technology products amidst a row between the two diplomatic allies. 
Erdoğan: Turkey will boycott US electronic products
Erdoğan has repeatedly told Turks to exchange gold and hard currency into lira, saying the country was involved in an economic war with enemies and a presidential official gave a similar message on Thursday.
"We are a fending off this economic coup attempt with the wisdom of the Turkish nation and the leadership of our president," Fahrettin Altun, the president's communications director wrote on Twitter.
On Wednesday Erdoğan met for more than three hours with Qatar's Emir, who approved a package of economic projects, investments and deposits worth $15 billion.
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."Qatar has pledged $15 billion of direct investments in Turkey," tweeted Ibrahim Kalın after President Recep Tayyip Erdoğan met with Sheikh Tamim bin Hamad al-Thani, Qatar's emir, in the capital Ankara.“Turkish-Qatari relations are based on solid foundations of true friendship and solidarity,” Kalin added.According to the Turkish presidential press office, Erdoğan and al-Thani also exchanged views on bilateral relations and regional developments during their three-hour meeting.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.”Video: Turkish President meets Qatari Emir in AnkaraAl-Thani’s visit, the diplomat said, “will serve to confirm the close links between the Qatari and Turkish people and their common positions vis-à-vis the many challenges they face.”He added: “Our strong relations with the Republic of Turkey enjoy a special status among our people.”Tweeting later on Wednesday, al-Thani said: "We are together with Turkey and our brothers there, who stand by Qatar and problems of the Ummah."Trade dispute with Turkey puts pressure on US stocksUS tariffs to remain even if pastor freed: WHAl-Thani said they have announced an investment project package worth $15 billion in Turkey which has a "productive, strong and solid economy".Turkish President Recep Tayyip Erdoğan said his meeting with al-Thani was "very productive and positive".Erdoğan thanked the emir and Qatari people for standing with Turkey."Our relations with friendly and brotherly country Qatar will continue to strengthen in many areas," the president wrote on his Twitter account.
Qatar to make direct investment of $15B in Turkey
A decree by Erdoğan earlier in the day doubled Turkish tariffs on imports of U.S. passenger cars to 120 percent, alcoholic drinks to 140 percent and leaf tobacco to 60 percent. Tariffs were also doubled on goods such as cosmetics, rice and coal.
The White House called the Turkish response a step in the wrong direction and signalled a hard line on Brunson's release.
"Pastor Andrew Brunson is an innocent man held in Turkey & justice demands that he be released. Turkey would do well not to test Trump’s resolve to see Americans who are wrongfully imprisoned in foreign lands returned home to the United States," Vice President Mike Pence said in a tweet.
On Wednesday, a Turkish court rejected an appeal by Brunson's lawyer for his appeal to be released from house arrest. An upper court had yet to rule on the appeal, his lawyer told Reuters.
President Donald Trump's trade dispute with Turkey increased downward pressure on U.S. stocks as indexes posted major losses Wednesday.The Dow Jones fell 260 points, or 1 percent, at 3 p.m. EST (1900GMT) to reach its lowest level since last Monday.The SP was down 26 percent with a 0.9 percent decline and the Nasdaq shaved 103 points, or 1.3 percent. Both indexes reached their lowest points since Aug. 2.Video: Turkish businessmen convert $3mln into Turkish lira after Erdoğan callThe three indexes posted losses for three trading days since Friday.The trade dispute between Turkey and the U.S., which are close allies for more than 60 years and NATO members, has intensified worries for investors who took a selling position in the market, according to analysts.President Donald Trump announced Friday that he ordered to double tariffs on steel and aluminum imports from Turkey.In return, Turkey has increased tariffs on several U.S. products, including alcohol, tobacco and cars, according to a new presidential decree published Wednesday in the official gazette.
Trade dispute with Turkey puts pressure on US stocks
A former French diplomat has slammed U.S. President Donald Trump for his remarks targeting Turkey’s economy, saying he cannot apply unilateral measures, pressure and sanctions against a key NATO ally.Marc Finaud, Senior Program Advisor at the Geneva Centre for Security Policy, made the remarks Wednesday while speaking to an Anadolu Agency correspondent in Geneva."It's a quite unfortunate decision that increases tensions in the region, which doesn't need this kind of escalation. And if there are trade problems, which are sometimes legitimate, then they could be settled in a multilateral context within a world trade organization, but not by unilateral measures, pressure and sanctions against a very key, important ally," said Finaud about Trump's Twitter posts last week.Finaud also slammed Trump's steel and aluminum tariffs against Turkey as Trump's approach in this field is based on unilateralism, the use of force, pressure and sanctions instead of working together to find solutions.On Aug. 10, Trump ramped up his attack on Turkey by doubling U.S. tariffs on Turkish aluminum and steel imports to 20 percent and 50 percent, respectively.Finaud emphasized that Turkey, Russia, China and key actors in Europe should act together against the Trump administration."Work together as united as possible among the Europeans with Turkey, Russia, China and all key actors to convince the Trump administration that it is not even in the U.S.’ interest to act the way it does," he added.Separately, Finaud said Trump's unilateral sanctions against Iran will harm especially the U.S. and European economies.He said Russian and Chinese firms may benefit from European firms' withdrawal from Iran."The Iran sanctions have officially been cast. These are the most biting sanctions ever imposed, and in November they ratchet up to yet another level. Anyone doing business with Iran will not be doing business with the United States. I am asking for world peace, nothing less!" Trump tweeted on Aug. 7.In addition, Finaud said there can be no military solution to the Syrian conflict and the problem there had become international as he called on the international community to support the UN's efforts to find a peaceful and political solution. Syria has been locked in a vicious civil war since early 2011, when the Bashar al-Assad regime cracked down on pro-democracy protests with unexpected ferocity. This led to a military conflict between Syrian opposition groups and the regime over the war-torn country’s territory. Iran has been supporting the Assad regime during the war while Russia intervened in September 2015. Peace talks were launched in Geneva in 2012 aimed at finding a political solution to the conflict while talks in the Kazakh capital Astana began in 2017 to discuss a cease-fire that has been fragile so far. Hundreds of thousands of civilians have been killed in the conflict mainly by regime airstrikes targeting opposition-held areas while millions more have been displaced. During the conflict, the Assad regime has been accused many times by international actors of targeting Syrian civilians with chemical weapons.
Ex-French diplomat slams Trump's Turkey policy
Turkey invited the U.S. to a panel in the World Trade Organization (WTO) about doubling tariffs on steel and aluminum imports, Turkish Trade Minister Ruhsar Pekcan said on Wednesday.Speaking at a working dinner on the sidelines of the 10th Ambassadors’ Conference in capital Ankara, Pekcan said that Turkey's invitation was at 17.40 the local time in Turkey (1440GMT) and it was received by the U.S.The move came after U.S. President Donald Trump last week ramped up his attack on Turkey by doubling U.S. tariffs on Turkish aluminum and steel imports to 20 percent and 50 percent, respectively.Pekcan said: "...We have announced our sanctions worth $533 million tariffs on 22 products as the reciprocity principle.""It was important to do it because the WTO goes to meetings twice per month, if we couldn't complete it, we will wait more 15 days."Qatar offers support to Turkey amid rift with USWorld stands united with Turkey against Trump’s economic war
Turkey invites US to panel in WTO