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| US threatens more action against Turkey unless pastor freed | US threatens more action against Turkey unless pastor freed |
| (35 minutes later) | |
| The US has threatened to impose more economic sanctions on Turkey if it does not free a detained American pastor. | The US has threatened to impose more economic sanctions on Turkey if it does not free a detained American pastor. |
| Andrew Brunson has been held in Turkey for nearly two years over alleged links to political groups. | Andrew Brunson has been held in Turkey for nearly two years over alleged links to political groups. |
| The dispute over his release has seen the two Nato allies impose tariffs on one another's goods. | |
| This has worsened a crisis for Turkey's currency, the lira, which has lost about a third of its value against the dollar since January. | This has worsened a crisis for Turkey's currency, the lira, which has lost about a third of its value against the dollar since January. |
| This has prompted widespread selling in other emerging markets, sparking fears of a global crisis. | This has prompted widespread selling in other emerging markets, sparking fears of a global crisis. |
| The currency had recovered slightly earlier this week after the government increased tariffs on imports from the US of cars, alcoholic drinks and leaf tobacco. | The currency had recovered slightly earlier this week after the government increased tariffs on imports from the US of cars, alcoholic drinks and leaf tobacco. |
| But the recovery was overshadowed by the fresh threats from the US. | But the recovery was overshadowed by the fresh threats from the US. |
| Last week, the US doubled its tariffs on metal imports from Turkey, and on Thursday, US Treasury Secretary Steven Mnuchin said: "We have more that we are planning to do if they don't release him [Mr Brunson] quickly." | Last week, the US doubled its tariffs on metal imports from Turkey, and on Thursday, US Treasury Secretary Steven Mnuchin said: "We have more that we are planning to do if they don't release him [Mr Brunson] quickly." |
| 'Patriotic hostage' | 'Patriotic hostage' |
| Turkey is accusing Mr Brunson - who operates a small church in Izmir - of having links to the outlawed Kurdistan Workers Party and the Gulenist movement, which Turkey blames for a failed coup two years ago. | Turkey is accusing Mr Brunson - who operates a small church in Izmir - of having links to the outlawed Kurdistan Workers Party and the Gulenist movement, which Turkey blames for a failed coup two years ago. |
| Mr Trump tweeted that Turkey had "taken advantage of the United States for many years" and that Mr Brunson was a "patriotic hostage". | |
| "We will pay nothing for the release of an innocent man, but we are cutting back on Turkey," he said. | "We will pay nothing for the release of an innocent man, but we are cutting back on Turkey," he said. |
| The influential Protestant evangelical church in the US is a major support base for Mr Trump. | The influential Protestant evangelical church in the US is a major support base for Mr Trump. |
| The dispute with Turkey comes at a time when Mr Trump is fighting a trade war with China. | The dispute with Turkey comes at a time when Mr Trump is fighting a trade war with China. |
| Turkey's central bank said on Monday that banks would be given all the liquidity they needed, as it seeks to keep money flowing in the financial system. | Turkey's central bank said on Monday that banks would be given all the liquidity they needed, as it seeks to keep money flowing in the financial system. |
| There are signs that the weakness in Turkish currency markets is already spreading. | There are signs that the weakness in Turkish currency markets is already spreading. |
| South Africa's rand, Russia's rouble, the Indian rupee and Indonesia's rupiah have all taken a hit from the crisis in Turkey. | South Africa's rand, Russia's rouble, the Indian rupee and Indonesia's rupiah have all taken a hit from the crisis in Turkey. |