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16 August 2018, 02:01 | Vera Richards
Turkish President Tayyip Erdogan attends a news conference in Ankara Turkey
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.
The tit-for-tat measures are part of a broader dispute between the two countries over the fate of an American citizen, Andrew Brunson, who is being prosecuted by Turkish authorities on terrorism-related charges.
The rebound of around six percent on Wednesday, briefly strengthening to less than 6.0 against the dollar, came after the central bank squeezed lira liquidity in the market, effectively pushing up rates and supporting the currency.
The Eurasian country's president, Recep Tayyip Erdogan, announced on Tuesday that he would be calling for a boycott of all American electronics sold to the country's residents.
Turkey has sharply raised tariffs on USA imports, including passenger cars, alcohol and tobacco. Last week, the US also announced plans to double tariffs on Turkish steel and aluminum.
The standoff between the two North Atlantic Treaty Organisation allies has escalated quickly since Trump slapped sanctions on the interior and justice ministers on August 1, following that move with tariffs on Turkish steel and aluminum imports last week.
"Such trade liberalization would require time but it could support Turkey's exports".
"Pastor AndrewBrunson is an innocent man held in Turkey & justice demands that he be released".
"The tariffs from Turkey are certainly regrettable and a step in the wrong direction", White House press secretary Sarah Sanders said, while stopping short of announcing fresh retaliatory measures. A Finance Ministry official said so far 3,000 people have signed up for the call. "We are going to continue to call on Turkey to do the right thing and release those individuals".
Russia backs using national currencies, not the U.S. dollar, in its trade with Turkey, Russian Foreign Minister Sergei Lavrov said on Tuesday, but he made no firm commitments that would immediately help Ankara to weather its currency crisis.
Investors seemed to focus on this and underlying economic problems over the exchange of tariffs with the US, which analysts said was unlikely to cause serious pain.
The lira firmed as far as 5.75 against the dollar on Wednesday and stood at 5.9350 at 0745 GMT in a move initially triggered by a Turkish court decision to release two Greek soldiers facing espionage charges.
The lira's plunge - which had been ongoing for weeks - was turned into a rout on Friday when US President Donald Trump tweeted that Washington was doubling aluminium and steel tariffs for Turkey. Brunson's lawyer told Reuters that the appeal could be heard sooner that the usual three to seven days. "After the spike of the USA dollar, prices of foreign products have increased dramatically and the consumer has no purchasing power".
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