U.S. threatens more Turkey sanctions if pastor not freed

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He later tweeted: "Turkey has taken advantage of the United States for many years". The crisis has been precipitated by investor alarm about President Tayyip Erdogan's influence over monetary policy.

Brunson is under house arrest after spending almost two years in a Turkish prison under what the Trump administration has said are bogus allegations of aiding terrorists.

Press secretary Sarah Huckabee Sanders also criticized Turkey's move to impose tariffs on some USA goods as "regrettable and a step in the wrong direction".

The Turkish lira has strengthened more than 3% today, ahead of a presentation by Finance Minister Berat Albayrak to investors, shrugging off United States comments ruling out the removal of steel tariffs on Turkey even if it frees a USA pastor.

The United States will take further action against Turkey if it continues to detain American pastor Andrew Brunson, Treasury Secretary Steven Mnuchin said Thursday in a sign that tensions between the North Atlantic Treaty Organisation allies will continue to escalate over the issue.

Some emerging market countries pared their holdings of US Treasuries in June, data from the US Treasury department showed on Wednesday, in what analysts viewed as a move to support their currencies as the Federal Reserve started raising interest rates this year. Turkish sovereign dollar bonds fell, while the cost of insuring exposure to Turkish debt rose.

"If they have the iPhone, there is Samsung", he said during a speech in Ankara earlier this week.

The lira has clawed back some ground over the last two days - after losing nearly a quarter of its value on Friday and Monday - but economists are warning that Turkey must urgently address its economic imbalances to avoid more trouble.

Facing Turkey's gravest currency crisis since 2001 in his first month in the job, Albayrak has the daunting task of persuading investors that the economy is not hostage to political interference. "Having said that, we fully support the president's approach".

Gold prices shed over one per cent on Thursday.

. "He said capital controls weren't part of the agenda, and never will be".

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"For now it appears an escalation has become less likely, hence yesterday's rebound in equity markets", he added, referring to an overnight rally on Wall Street. "Qatar has pledged Dollars 15 billion of direct investments in Turkey", presidential spokesman Ibrahim Kalin wrote on Twitter yesterday.

Trump has used trade tariffs in a series of disputes ranging from with Turkey and China to the European Union.

Albayrak will also meet his German counterpart Olaf Scholz in Berlin on September 21.

The Izmir Third High Criminal Court ruled against a new plea by Brunson's lawyer Ismail Cem Halavurt, who initiated the process after the Second High Criminal Court rejected an appeal for Brunson's release from house arrest and for his travel ban to be lifted on Wednesday.

The United States has already imposed sanctions on two Turkish government ministers and doubled tariffs on Turkish steel and aluminium imports.

That case has increased speculation that the bank itself could be fined for sanctions-busting. "We are not expecting any fines on Halkbank for sure", he said. "He needed help getting somebody out of some place, he came out". If they side with Turkey, they run the risk of antagonizing US President Donald Trump.

In another high-profile case, a Turkish court ruled on August 15 to release from jail Taner Kilic, the local chair of Amnesty International, a researcher from the rights group said.

Meanwhile, Turkish people in social media tend to expand boycott in other US products ranging from textile to fast food.

President Erdogan has urged Turks to shore up the currency by not trading in dollars and euros.

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