Turkish court rejects USA pastor Brunson's appeal for release

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In return, Erdogan signed a decree to also raise tariffs on some US imports including cars, alcohol and tobacco, an official report said Wednesday.

Only one U.S. measure directly affects Turkey's economy: Trump's decision to increase tariffs on the import of Turkish steel and aluminum.

Also on the military front, Turkey's purchase of Russia's S-400 missile defence system has irked the US and other alliance members in North Atlantic Treaty Organisation.

In an effort to defend the lira, Turkey's central bank tightened its rules on currency swaps and other foreign exchange transactions, limiting banks' ability to supply lira to foreign financial companies.

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

In a decision announced in the Official Gazette, Ankara said it was imposing extra tariffs on imports of products including rice, vehicles, alcohol, coal and cosmetics.

He said that was likely to happen by the end of business on Wednesday.

As a court in the western Turkish city of Izmir rejected a new appeal to free Brunson on Wednesday, spoksman Kalin said the United States needs to be respectful of the judicial procedures in Turkey.

On August 8, talks between the US and Turkey stalled again and two days later, Trump tweeted he would double steel and aluminium tariffs.

It is believed many Qatari investors could be at risk from a Turkish economic crisis. Last week, the US also announced plans to double tariffs on Turkish steel and aluminum.

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Underscoring the ties between the countries, Sheikh Tamim was the first foreign leader to phone President Erdogan during the aborted coup in Turkey in 2016. "They are killing offshore lira liquidity to stop foreigners shorting the lira".

"The administration has taken decisive aggressive action, and I am so thankful", Brownback said.

According to International Monetary Fund statistics, the USA was the fourth largest source of imports to Turkey in 2017 with $12 billion of imports.

Qatar has pledged $15 billion of direct investment in Turkey amid turbulence in the nation's markets following a spat with the U.S.

If Brunson is not released, the next escalatory measure by the United States would most likely be targeted sanctions on businesspeople with close ties to President Recep Tayyip Erdoğan.

A court meanwhile rejected an appeal for the release of American pastor Andrew Brunson - whose detention for nearly two years sparked the crisis - leaving no immediate solution to the Turkey-US row in sight.

Ferit Temur, an Ankara-based policy analyst on Russian Federation and Eurasia, also said Erdogan's speech demanding the USA abandon its hostile policy towards Turkey and threatening to form new alliances with the East was "a routine, weak political act".

Turkish President Recep Tayyip Erdogan has repeatedly described the dispute with the USA with as an "economic war" that Ankara will win. Bar owner Burhan Coban said consumer and distributor prices for American whiskey are the same, for now, despite the currency plunges and the new Turkish tariffs.

Earlier in the week, President Recep Tayyip Erdogan asked Turkish citizens to boycott the use of American technology like iPhones, in response to U.S. tariffs levied late last week.