Turkey will respond if United States imposes more sanctions - trade minister

Turkey denies American pastor’s appeal, decides to hit the US with tariffs instead

"We have put sanctions on several of their cabinet members", Mnuchin told President Donald Trump in a cabinet meeting attended by the press.

Mr Erdogan is angry that the U.S. has not taken more action against the Gulenist movement and what he said was a failure "to unequivocally condemn" the 2016 coup attempt.

"Turkey has taken advantage of the United States for many years", Trump tweeted. "They are now holding our wonderful Christian Pastor, who I must now ask to represent our Country as a great patriot hostage".

The pastor is now being held under house arrest.

The influential Protestant evangelical church in the USA is a major support base for Mr Trump.

China and the United States had agreed on Thursday to hold a new round of trade talks on August 21-22, supporting the yuan.

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 troubles ahead.

Liverpool and City are straight into the winning groove
As well as the points, the Anfield atmosphere clearly made an impression, while the clean sheet didn't go unnoticed either. The result continued West Ham's terrible record at Anfield, which now extends to one win in 46 league games.

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 U.S. pastor.

Erdogan has remained defiant in the face of the crisis with Washington, saying Turkey could turn to new alternative markets. The Treasury Department earlier this month levied sanctions on two senior Turkish officials in retaliation for Brunson's continued detention.

Trump likely was referring to the increase in tariffs and sanctions he authorized last week - after which the Turkish economy took a tumble. And while many global economists peg the currency's troubles to a combination of debt, inflation and Erdogan's vow to reject raising interest rates - a typical solution to these problems - Erdogan himself has found a ready villain: the U.S.

Pledging to stand his ground, Erdogan has also hinted at leaving the Western military alliance and "start looking for new friends and allies".

On Wednesday, Qatar pledged $15 billion to help Turkey through its economic and currency crisis. The United States was the fourth-largest source of imports to Turkey past year, accounting for $12 billion of imports, according to International Monetary Fund statistics.

Erdogan held a similar conversation with German Chancellor Angela Merkel on Wednesday. Ankara also wanted Washington to hand over Turkish cleric Fethullah Gulen, who lives in Pennsylvania and who Turkey suspects of plotting the coup against Erdogan. The administration has threatened more sanctions if Turkey does not comply.

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