Turkey will respond if US imposes more sanctions: minister

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

The lira hit a record low of 7.24 to the dollar earlier this week, down 40 percent this year, as investors fretted over Erdogan's influence over monetary policy and the row with the United States.

Investors, already anxious about Turkey's economy, were irked by a diplomatic and trade dispute with the United States over the continued detention of an American pastor Andrew Brunson on espionage and terror-related charges.

The US president announced on Twitter last week that he had authorized a doubling of steel and aluminum tariffs on Turkey, stating that relations between the two North Atlantic Treaty Organisation allies "are not good at this time!"

Turkey responded in kind to the sanctions, increasing tariffs on USA alcohol, tobacco and automotive products on Wednesday, also imposing the same sanctions to the us interior and state secretaries.

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Still, many investors remain on edge about the situation in Turkey and other emerging markets amid a strengthening USA dollar and rising interest rates.

Trump prefaced Mnuchin's remarks by saying that Turkey had not been a very good friend to America. White House press secretary Sarah Sanders that Washington will withdraw sanctions on Turkey if Brunson was set free.

A court refused to release Mr Brunson, and the the government in Ankara increased tariffs on imports from the U.S. of cars, alcoholic drinks and leaf tobacco - and the lira recovered slightly.

"The corporate backdrop remains very strong in the US and I don't see that changing", said Richard Saldanha, equity fund manager at Aviva Investors.

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In response to Washington's measures against Turkey, President Recep Tayyip Erdogan called for a boycott of American electronic products, notably Apple.

Turkey has proven a key ally for Qatar over the past year, helping the tiny Gulf nation ride out a more than 14-month blockade by its powerful neighbors, including Saudi Arabia, with which it shares its only land border.

The Turkish ambassador added that Turkey needed to "keep this fire alive" by keeping high-level political ties and strengthening investments and trade.

Turkish officials said Erdogan spoke with French President Emmanuel Macron, during which the French president said Turkey's economic stability is important for France.

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Qatar pledged to invest $15 billion in Turkish financial markets and banks amid the massive collapse of its currency. "Our relations with Turkey are not good at this time!"

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