After raising tariffs on Ankara, US raps Turkish retaliation

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Meanwhile, a local court rejected an appeal by Pastor Andrew Brunson, a US citizen who has lived and worked in Turkey for almost two decades, to be released from house arrest while he is awaiting a trial for espionage and terrorism-related charges.

Stoking the concerns is the rising US dollar and a Federal Reserve that has pledged to continue raising short-term interest rates.

On Wednesday Erdogan met for more than three hours with Qatar's Emir, who approved a package of economic projects, investments and deposits worth $15 billion.

Market sources say that concerns over the Turkish economy are growing as there is no sign of moves to rectify the current situation.

With the dispute between the US and Turkey seeming to escalate by the day, the value of Turkey's lira currency against the dollar has plummeted, but Sanders rejected any blame on the U.S.'s part.

The country's currency, the lira, has fallen sharply against the USA dollar in recent weeks but rebounded after the aid announcement.

Some Turks are reacting with defiance to their plunging currency and an escalating trade and political dispute with the United States - an indication that they are ready to endure economic pain and risk further deterioration in a key, yet troubled alliance dating from the Cold War.

Resistance: "6.32 (5-day moving average), 6.579 (previous day's high), 7.20 (record high)".

Turkey's ambassador to Washington Serdar Kilic on Monday held private talks with US National Security Advisor John Bolton in a meeting to discuss the pastor's status.

US President Donald Trump widened the diplomatic rift with a tweet that announced an increase of tariffs on steel and aluminium and that said "our relations with Turkey are not good at this time".

Turkey said Wednesday it was imposing extra tariffs on imports of products, including rice, vehicles, alcohol, coal and cosmetics.

Andrew Craig Brunson, an evangelical pastor from Black Mountain, N.C., arrives at his house in Izmir, Turkey, on July 25.

The latest blow was sparked by sanctions imposed on Turkey by the Trump administration over the detention of Pastor Andrew Brunson, who was jailed for allegedly supporting a group that Ankara blames for an attempted coup in 2016.

The U.S. recently slapped financial sanctions on two Turkish ministers and doubled steel and aluminum tariffs on Turkey over Brunson's continued detention. Brunson had lived in Turkey for more than 20 years prior to his arrest.

Turkish Airlines and Turk Telekom have said they will halt advertising in US media. The currency picked up 6 percent and strengthened briefly at just under 6 to the dollar.

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.

"They are squeezing lira liquidity out of the system now and pushing interest rates higher", Cristian Maggio, head of emerging markets strategy at TD Securities, said. Other Turkish markets were less buoyant: the main share index dipped 1.4 percent and the 10-year benchmark bond yield rose to 21.37 percent from 21.02 percent.

While policy makers have hiked lending rates by 500 basis points this year to 17.75 per cent, they're under constant pressure from Erdogan to keep rates low because he thinks it's better for the economy.