Turkish lira weakens to 5.86, USA warns of more sanctions

President Recep Tayyip Erdogan arrives at Saffet Cebi Ortaokulu polling station to cast his vote in the Turkish election

Ankara hit back with duties of up to 140% on alcohol, 120% on cars and a boycott of electronic products, including the iPhone. The decree also doubled tariffs on American cosmetics, rice, and coal, among other imports.

Qatar defied US President Donald Trump on Wednesday and promised to plough $15 billion into Turkish financial markets and banks.

Turkey has responded defiantly to the US's threats by implementing retaliatory tariffs on a raft of U.S. imports, including passenger cars, tobacco and alcohol.

He asked Mnuchin for an update on sanctions punishing Turkey for pastor Andrew Brunson's detention.

The lira TRYTOM=D3 has lost a third of its value against the dollar this year as worsening relations between the North Atlantic Treaty Organisation allies added to losses driven by concerns over President Tayyip Erdogan's influence over monetary policy.

Despite the political tensions, the lira rebounded some 6 per cent on Wednesday, strengthening to around 6.0 to the dollar.

Turkey's Vice President Fuat Oktay commented on the move, stating: "Under the principle of reciprocity, the tax rates for imports of certain products have been increased against the U.S. administration's conscious attacks on our economy".

Sen. Thom Tillis speaks out on efforts to return US pastor detained in Turkey.

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Turkey has taken advantage of the United States for many years. Turkey's exports to the United States past year amounted to $8.7 billion, making it Turkey's fifth-largest export market.

Brunson was arrested in October 2016 and moved to house arrest in July. Sanders lamented that Turkey had treated Brunson, "who we know to be a very good person and a strong Christian who has done nothing wrong, very unfairly, very badly".

"The tariffs that are in place on steel will not be removed with the release of pastor Brunson".

Mr Erdogan has said Turkey is the target of an economic war, and made repeated calls for Turks to sell their dollars and euros.

Analysts also said the political cost of the investment remained to be seen, given that Qatar is also a U.S. ally and dependent on Washington for both military and political protection.

There was also optimism about better relations with the European Union after a Turkish court released two Greek soldiers pending trial.

"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 global affairs, in a message to the U.S. Chamber's U.S. -Turkey Business Council.

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