The Turkish lira tumbles to 5.86 over threat of more USA sanctions

US sanctions imposed on Turkey have triggered a crash in the value of the lira

His case now lies at the heart of a diplomatic crisis between Turkey and the United States that has prompted a crash of Turkey's lira currency.

Treasury Secretary Steven Mnuchin on Thursday evening said that the United States could look to impose fresh sanctions on Turkey if President Erdogan doesn't release imprisoned American pastor Andrew Brunson.

But while relations with the European Union are improving, there are no signs so far that Turkey or the US are willing to back down.

Turkish President Tayyip Erdogan announced yesterday that the country would boycott all electronics from the USA amid tension and rising conflict between the two countries and its leaders.

Elmira Bayrasli, who teaches global affairs with a focus on Turkey at Bard College, said that Erdogan is improving relations with Europe to increase confidence in the Turkish market.

The 50-year-old pastor and the USA government vehemently deny those charges.

Upholding a lower court's decision earlier this week, the higher court also ruled against lifting a travel ban imposed on Mr Brunson.

USA 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 run.

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

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The U.S. doubled its tariffs on metal imports from Turkey earlier this month. He has put his own tariffs on US imports of cars, tobacco and alcoholic drinks.

This defiance seems to have consolidated Erdoğan's domestic power, but given the country's considerable economic reliance on Western banks and markets, the country is now more vulnerable than ever to a currency and debt crisis of its own making.

Turkish Foreign Minister Mevlut Cavusoglu said on Thursday that solving the rift with the United States is not hard.

U.S. sanctions and tariffs have contributed to a tumble in the Turkish lira, which dropped in value to 5.86 to the dollar on Friday following Mnuchin's warning.

Mr Erdogan is angry that the USA has not taken more action against the Gulenist movement and what he said was a failure "to unequivocally condemn" the 2016 coup attempt.

Trump's comments came after a court in Izmir province rejected an appeal to release Brunson from house arrest, saying evidence was still being collected and the pastor posed a flight risk, according to a copy of the court ruling seen by Reuters.

A State Department spokesman said Friday that "the USA government is following Pastor Andrew Brunson's case closely, and we continue to provide all appropriate consular services to Mr. Brunson". Trump tweeted on Thursday.

"They can't take our people", the president said, calling Brunson a "wonderful Christian pastor".

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