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

The investment package was announced after Qatar's Emir Tamim bin Hamad Al-Thani met President Tayyip Erdogan in the capital, as Turkey grapples with a collapsing lira and a worsening commercial and political standoff with North Atlantic Treaty Organisation ally the United States.

He also stated that in order to inform investors about the monetary policy of the central bank in a more detailed fashion, another conference call with CBRT Governor Murat Çetinkaya in attendance will be held at the soonest possible date.

Turkey's biggest mobile phone importing companies have cancelled their iPhone orders as Turkish citizens join a move to boycott US products.

Analysts say Turkey is also likely to seek a more dynamic economic relationship with China and Russian Federation, with whom ties have warmed considerably in recent years. Turkish authorities arrested him in 2016 and charged him with being involved in a failed coup that same year against Turkish President Recep Tayyip Erdogan and with colluding with Kurdish militants.

Turkey's biggest mobile phone importing companies have cancelled their iPhone orders as Turkish citizens join a move to boycott United States products.

And Turkey is pushing back hard, sharply raising tariffs on a range of American goods in retaliation to the tariffs imposed last week by President Trump.

In another element of the row with Washington, a USA court sentenced a senior executive of state-owned Turkish lender Halkbank to 32 months in prison in May for taking part in a scheme to help Iran evade US sanctions. If they side with Turkey, they run the risk of antagonizing US President Donald Trump.

The decree also doubled tariffs on American cosmetics, rice, and coal, among other imports.

Vice President Fuat Oktay tweeted that the new tariffs were retaliation for "the deliberate attack of the USA administration on our economy", CNN said.

India's former PM Vajpayee passes away
A vocal politician on the issue of Kashmir, Vajpayee made honest efforts to normalise relations between India and Pakistan. Prime Minister Benjamin Netanyahu (R) shakes hands with his Indian counterpart Atal Bihari Vajpayee in NY .

"Recent developments in the U.S. -Turkey relationship threaten both countries' economic interests and put at risk an alliance that has proven its value over decades", said Myron Brilliant, U.S. Chamber of Commerce executive vice president and head of worldwide affairs, in a message to the U.S. Chamber's U.S. -Turkey Business Council.

Al-Shehri said Ankara appeared to have blackmailed Qatar into supporting it.

On Thursday, Finance Minister Berat Albayrak addressed hundreds of foreign investors from the US, Europe and Asia via a conference call in a bid to soothe the markets.

Markets are concerned by Erdogan's influence over the economy and his resistance to interest rate increases to tackle double-digit inflation.

The lira strengthened some 4 percent against the dollar, to around 5.75 per dollar.

The lira has clawed back some ground over the last two days - after losing nearly a quarter of its value on Friday and Monday - but economists are warning that Turkey must urgently address its economic imbalances to avoid more trouble.

Spot gold was down 0.8 per cent at $1,164.71 an ounce, as of 0055 GMT.

Angry Turks tore up fake dollar bills in protest.

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