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A Turkish court Tuesday released two Greek soldiers detained since March on espionage charges for illegally crossing the border in a case that has stoked tensions with Brussels.

"They don't hesitate to use the economy as a weapon", the president commented, referring to the US.

The lira was at 6.49 to the dollar, a gain of 4.5 percent on the day and 7.50 to the euro, well off the record lows of 7.24 to the dollar and 8.12 to the euro seen Monday. "It can buy time, finger in the dike, but the longer term issues remain", said Tim Ash, a senior emerging market strategist at Bluebay Asset Management LLC in London. What this does is prevent investors, like hedge funds, from accessing lira liquidity in the offshore swap market.

The lira rallied to 6.53 against the dollar on Tuesday, buoyed perhaps by news of a forthcoming conference call between the Turkish finance minister and about 1,000 investors.

His comments have so far failed to quell a crisis that economists say is largely self-inflicted, owing to an overheated economy and the debt exposure of Turkey's companies and banks.

A decree signed by Erdogan doubled Turkish tariffs on passenger cars to 120 percent, on alcoholic drinks to 140 percent and on leaf tobacco to 60 percent.

These increases affect a list of more than 20 goods, which Ankara first targeted earlier this summer in retaliation for the Trump administration's broad tariffs on imported steel and aluminum.

Musk says Saudi fund supports Tesla buyout, talks continue
The government is planning to turn the PIF into a $2 trillion powerhouse to help diversify the kingdom's oil-dependent economy. Reuters has also reported that Tesla's board of directors is still waiting for a detailed financing plan from Musk.

"The import duties were increased on some products, under the principle of reciprocity, in response to the USA administration's deliberate attacks on our economy", Vice President Fuat Oktay wrote on social network Twitter.

Turkey's steel exports were valued at $11.5 billion previous year, accounting for 7.3 percent of its total exports worth $157 billion, according to the Turkish Steel Exporters Association. Turkey's exports to the United States past year amounted to $8.7 billion, making it Turkey's fifth-largest export market.

The clergyman is at the center of heightened tensions between North Atlantic Treaty Organisation allies, Turkey and the U.S. President Trump and Erdogan were on relatively good terms before this latest spat, as the American president has even congratulated the Turkish authoritarian for consolidating power.

One Turkish court has rejected an American Christian pastor's appeal to be released from house arrest and for his travel ban to be lifted, but an upper court is yet to rule on the appeal, his lawyer told Reuters on Wednesday.

"The progress that we want to be made is to have Pastor Brunson return home, and I'll leave it at that", US State Department spokeswoman Heather Nauert said on August 9.

Erdogan on Tuesday said Turkey would boycott United States electronic goods like iPhones, even though he has himself been photographed repeatedly using the product himself.

Policy makers need to adopt a series of measures "so that the situation doesn't make permanent damage to the real economy", the Union of Chambers and Commodities Exchanges of Turkey and the Turkish Industry and Business Association said in a joint statement.


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