More US sanctions for Turkey if they don't obey

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"We have more that we're planning to do if they don't release him quickly", Mnuchin said when asked by President Trump at a Cabinet meeting for an update on USA sanctions on Turkish officials.

US stocks and emerging market currencies rebounded on Thursday after China said it will hold trade talks with the United States later in August and Turkey's lira continued its recovery.

Last week, Washington doubled steel and aluminium tariffs on Turkey over its continued detention of United States pastor Andrew Brunson.

"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".

He said early on Friday that Turkey had "taken advantage of the United States for many years" and that he was "cutting back on Turkey".

Last week, Trump tweeted that his administration was doubling aluminum and steel tariffs for Turkey, and in response Ankara sharply hiked tariffs on some USA products.

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On Wednesday, Turkey announced tariff hikes on a range of USA goods, including imports of vehicles, alcohol, coal, rice and cosmetics.

If it were all USA -dollar-denominated, that foreign debt represented about two trillion lira a month ago; today, thanks to depreciation, it's more like three trillion.

Turkey retaliated with some $533 million of tariffs on some US imports - including cars, tobacco and alcoholic drinks - and said it would boycott USA electronic goods, singling out iPhones.

Treasury Secretary Steven Mnuchin suggested during a cabinet meeting on Thursday that the next spiral of tit-for-tat sanctions was coming soon, deepening a spat that has rattled financial markets, if Andrew Brunson is not released by Turkey.

In return, President Recep Tayyip Erdogan signed a decree to raise tariffs on American imports including cars, alcohol and tobacco. "He's a very innocent man", Trump said.

The growing tensions between Washington and Ankara have sent the Turkish currency tumbling to historic lows.

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The Turkish ambassador added that Turkey needed to "keep this fire alive" by keeping high-level political ties and strengthening investments and trade.

Analysts say Turkey is also likely to seek a more dynamic economic relationship with China and Russian Federation, with whom ties have warmed considerably in recent years.

Erdogan has said Turkey is the target of an economic war, and has made repeated calls for Turks to sell their dollars and euros to shore up the currency.

The currency was supported by Turkey's plan to cut spending, support for the banks and Qatar's pledge to invest $15bn in the country.

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.

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

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