The US is ready to kick its battle against Turkey up a notch — and the consequences could be huge

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• US Treasury Secretary Steven Mnuchin threatens further sanctions against Turkey if it fails to release detained American pastor Andrew Brunson.
• "We have more that we’re planning to do if they don’t release him quickly," Mnuchin told a cabinet meeting, without elaborating on what would be involved.
• Further sanctions or tariffs could exacerbate the already fragile economic situation in Turkey, and broader emerging markets.

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Treasury Secretary Steven Mnuchin on Thursday evening said that the US is ready to take its diplomatic conflict with Turkey to the next level, and could look to impose fresh sanctions on the state, if President Erdogan continues to refuse to release imprisoned American pastor Andrew Brunson.

"We have more that we’re planning to do if they don’t release him quickly," Mnuchin said during a White House cabinet meeting on Thursday, according to reports from pool reporters. He did not elaborate on what measures the US is willing to take if Turkey continues to play hardball over Brunson.

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