The Turkish currency is in freefall after President Trump escalated a feud with Ankara by doubling tariffs on metals imports. The lira has long been falling due to worries about President Erdogan's influence over monetary policy and worsening US relations. Turkey and the USA are at odds over many issues, the most pressing being the detention of pastor Andrew Brunson who was jailed for allegedly supporting a group that Ankara blames for the failed coup. He faces 35 years in prison, and on 15 August a court ruled he must remain under house arrest. Qatar has pledged $15 billion of investments after Erdogan said that the shadowy ‘interest rate lobby’ and Western credit ratings agencies were attempting to bring down the economy. He said, ‘If there is anyone who has dollars or gold under their pillows, they should go and exchange it for liras at our banks. This is a national, domestic battle.’ See also