Turkey Receives $15 Billion Finacial Boost From Qatar Amid US Tariff Dispute

The Turkish government on Wednesday received a $15 billion investment from Qatar for its financial market amid its ongoing spat with the U.S. over tariffs.

Qatar president Emir Sheikh Tamim bin Hamad Al Thani said his country was in support of Turkey as he announced it had donated the money toward its financial stability. The announcement came during his meeting in Ankara with Turkish President Recep Tayyip Erdogan.

The investment is expected to go toward the country’s economic projects. Turkey is currently facing a financial crisis as the value of its currency has fallen in recent days.

"We attach importance to his visit. This visit, at the same time, is an indicator that Qatar stands with Turkey," Ibrahim Kalin, a spokesperson for the Turkish president, said during a press conference.

This year, the Turkish Iira fell almost 45 percent compared to the U.S. dollar. However, it went back up by nearly 6 percent Wednesday. That surge reportedly came after the Turkish bank decreased the amount of money its banks can utilize to exchange currency.

Erdogan in July signed a decree increasing Turkish tariffs on U.S. passenger cars by 120 percent, a 140 percent tariff on alcohol and 60 percent on tobacco. Duties also increased on U.S. goods such as cosmetics, coal and rice.

This came after the Trump administration announced it planned to raise tariffs on the country's aluminum and steel imports.

Turkey in June imposed its initial tariffs worth $1.8 billion on U.S. exports after the Trump administration first imposed its duties on steel and aluminum.

Meanwhile, tensions between Washington and Ankara have risen in recent weeks as Turkey continues to detain North Carolina pastor Andrew Brunson. A court in Izmir has rejected the pastor’s appeal to be released ahead of his trial on charges of espionage after his 2016 arrest.