U.S. says more sanctions await if Turkey does not free pastor

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Turkey's currency, which had been under pressure as inflation soars, plunged more than 20% last week after Mr Trump imposed sanctions on Turkey's steel and aluminium exports.

The two North Atlantic Treaty Organisation allies are at an impasse regarding the detention of an American pastor, differing views on Syria, and Turkey's purchase of Russian military equipment.

Underscoring the ties between the countries, Sheikh Tamim was the first foreign leader to phone President Erdogan during the failed coup in Turkey in 2016.

"We got somebody out for him", Trump said, referring to Turkish President Recep Tayyip Erdogan.

The Turkish economy is of great importance for both Germany and the EU, Germany Finance Minister Olaf Scholz said Thursday, according to Turkish ministerial sources.

The crisis came days after US President Donald Trump announced via Twitter a doubling of steel and aluminium tariffs on Turkey, as Washington pushes Ankara to release Evangelical Christian pastor Andrew Brunson, who is being held on terrorism charges for almost two years.

Nevertheless, Erdogan won a reprieve on Wednesday after Qatar's emir promised to invest $15 billion in the country.

USA pastor Andrew Craig Brunson, escorted by Turkish plainclothes police officers, arrives at his house on July 25, 2018, in Izmir.

He was critical of the government's stranglehold over the central bank, which he said was prevented from taking much-needed measures by the government.

The minister ruled out any move to limit money flows - which is a possibility that worries investors - or any assistance from the International Monetary Fund, NTV said.

"If [the United States] have the iPhone, there's Samsung on the other side", he said, referring to USA giant Apple's iconic phone and the top South Korean brand. They can also demand debtors sell assets to repay loans.

Also helping the currency were moves by Turkey this week to gain favor with European countries, including releasing two Greek soldiers and an Amnesty International human rights campaigner from prison.

Albayrak, a 40-year-old former company executive with a doctorate in finance, said Turkey would not hesitate to provide support to the banking sector.

Qatar and Turkey are bound by strategic relations at the political, economic and military fronts. Brunson stands accused of supporting both US -based Islamic cleric Fethullah Gülen and the Marxist Kurdistan Workers' Party (PKK) terrorist organization.

"The president has a great deal of frustration on the fact that Pastor Brunson has not been released as well as the fact that other USA citizens and employees of diplomatic facilities have not been released", Sanders said at a White House briefing Tuesday.

A robust U.S. economy, even as Europe and other major economies have lost some steam, has helped keep the U.S. Federal Reserve on track to raise interest rates twice more this year, which should boost the appeal of the dollar further.

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