The decrease of Turkish lira was amid an unprecedented trade row between the two North Atlantic Treaty Organisation allies over the detention of a USA clergyman, Andrew Brunson, who was held on terror-related charges in Turkey.
"We have put sanctions on several of their cabinet members", Treasury Secretary Steve Mnuchin told President Donald Trump in a cabinet meeting attended by the press. On Friday, Turkey's state-run Anadolu news agency said a high court in Izmir had upheld a lower court's decision earlier this week to keep Brunson under house arrest.
Mnuchin made the statement Thursday during a Cabinet meeting with the president attended by journalists.
The White House said Wednesday that the United States "won't forget" how Turkey treated Andrew Brunson, the detained American pastor, after a court rejected his appeal for release.
Brunson, a pastor who is a long time resident in Turkey, is alleged by the government to have links to the outlawed Kurdistan Workers Party and the Gulenist movement, both of which are accused of being involved in 2016's failed coup against Erdogan. The Turkish currency has lost about 40 percent of its value this year against the US dollar. Turkey has borrowed much more in foreign currencies than any other country, as a percentage of its economy, and investors question how much authority its central bank has to raise interest rates.
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Still, many investors remain on edge about the situation in Turkey and other emerging markets amid a strengthening USA dollar and rising interest rates.
Doubts about Turkey's future intensified as relations with the United States, a longtime North Atlantic Treaty Organisation ally, soured. They want to hold our wonderful pastor. "Not fair, not right", he added.
"President Trump's imposition of tariffs on steel and aluminum is about protecting American national security", the spokesperson said.
Turkey slapped another round of steep tariffs on USA goods as the two countries escalate their trade battle and push the relationship to a breaking point.
Mr Brunson has denied charges of espionage, but faces up to 35 years in jail if found guilty.
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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.
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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.
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