US says more sanctions await if Turkey does not free pastor

Turkish lira firms before minister's presentation

Stocks, emerging market currencies rise on planned US-China trade talks

A Turkish court has rejected an appeal to release Andrew Brunson, a USA pastor at the centre of a dispute between Ankara and Washington.

Andrew Brunson, an evangelical pastor from Black Mountain, N.C., shown in Izmir, Turkey, on July 25.

Turkey has been rocked in recent days by a sharp decline in the value of its lira after US President Donald Trump tweeted last Friday that Washington was doubling aluminum and steel tariffs for Ankara. It's not clear how much more they'd be willing to contribute if the USA just keeps making things worse.

Trump prefaced Mnuchin's remarks by saying that Turkey had not been a very good friend to America.

The threat comes as Turkey sought to reassure investors rattled by the sanctions-fueled crash of the Turkish lira, insisting the country would emerge stronger.

On Wednesday, in retaliation, Turkey increased tariffs on several US-origin products, including alcohol, tobacco products and cars.

"We have responded to the measures the United States has taken, and will continue to do so based on our global trade law rights and in accordance to World Trade Organization rules", said the minister, Ruhsar Pekcan.

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.

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Clinton and his wife, former secretary of state Hillary Clinton, hailed her as "one of America's greatest national treasures ". Although meant to be a touching tribute to the late singer, many Twitter users were angered by the president's comments.

US equities rose on hopes that Beijing and Washington may resolve a conflict that has roiled financial markets since early March.

Gallego said that Brunson's lawyer had indicated he would be willing to take his client's case to the constitutional court.

"It is a shame", Erdogan said in a speech on Saturday.

Trump said the United States had helped Turkey in a related incident, but that the North Atlantic Treaty Organisation ally had not repaid the favor. Its leader lives in Pennsylvania and the US has rejected calls from Turkey to have him extradited.

Last month, at Brunson's third court hearing in almost two years, USA officials thought they had brokered a deal to free him by pressuring Israel to release a Turkish citizen imprisoned there. 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.

"We have stood together and will continue to do so", he said, making clear the high-level meeting was meant to communicate unequivocal support for Turkey at a critical juncture.

Mr Erdogan earlier wrote in the New York Times that unless the USA changed course, Turkey would look for new friends and allies.

Turkey is also seemingly on the brink of a major debt crisis, as a weakening lira makes it harder for Ankara to pay its worldwide dues. The lira's sharp decline has sparked fears in the worldwide community of a Turkish economic crisis.

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