U.S. can not see who its true friend is: Turkish FM

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A Chinese delegation led by Vice Minister of Commerce Wang Shouwen will meet US representatives, China's Ministry of Commerce said in a statement, with the Wall Street Journal reporting that talks will take place in Washington on August 21 and 22.

Finance Minister Berat Albayrak, the son-in-law of President Recep Tayyip Erdogan, addressed hundreds of foreign investors from the United States, Europe and Asia via a conference call in a bid to soothe the markets. In the months preceding the blockade Turkish companies were handling projects worth about $11.6bn in Qatar, most of which is put into FIFA World Cup 2022 projects, according to Qatar Chamber.

Mr Trump added: "We will pay nothing for the release of an innocent man, but we are cutting back on Turkey!".

Doubts about Turkey's future intensified as relations with the United States, a longtime North Atlantic Treaty Organisation ally, soured.

But Turkey's central bank has been slow to raise rates, and latterly it has taken to not raising them at all: it held the benchmark one-week repo rate at 17.75 per cent in July even as economists were expecting a one-percentage-point increase.

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The dollar advanced to a 13-month peak on Tuesday against a basket of major currencies as traders increased their safe-haven holdings of the USA currency on worries about the fallout from the Turkish lira's recent fall.

Turkey's lira, meanwhile, dropped as much as 8.5 percent to 6.3 per dollar, having recovered ground rapidly in recent days.

Investors are anxious that about Mr Erdogan's control over the central bank and his pressure to keep it from raising interest rates.

It has gained some support from the announcement late on Wednesday of a Qatari pledge to invest US$15 billion in Turkey.

Kalin said the German and French leaders told Erdogan that "they were also suffering and that they were also complaining about" U.S. President Donald Trump's administration's tendency to "use trade, dollars, taxes as weapons".

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"Those who think that they can make Turkey take a step back with ridiculous sanctions have never known this country or this nation", Erdogan said during his speech in Ankara.

The United States slapped financial sanctions on two Turkish ministers and doubled steel and aluminum tariffs on Turkey over his continued detention.

There was no resolution to the Brunson case in sight.

Kenningham noted Turkey's annual gross domestic product of around $900 billion was just 1% of the global economy and slightly smaller than the Netherlands. Also helping the currency were moves by Turkey this week to gain favor with European countries, including releasing two Greek soldiers and an Amnesty International human rights campaigner from prison.

Erdogan and his French counterpart Emmanuel Macron agreed in a phone call Thursday to foster trade ties, a Turkish presidential source said.

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On Wednesday, Erdogan met for more than three hours with His Highness the Amir Sheikh Tamim bin Hamad al-Thani, who approved a package of economic projects, investments and deposits worth $15bn.

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