Tensions Between Turkey and U.S. Soar as Trump Orders New Sanctions
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A worsening dispute between the United States and Turkey reverberated through the global economy on Friday, hastening a broad flight of money from emerging markets and sowing instability throughout the Middle East as relations between the NATO allies neared a breaking point.
The immediate crisis — accelerated by a hostile tweet from President Trump — flared over Turkey’s continued detention of an American pastor, Andrew Brunson, who was jailed 21 months ago in a widespread crackdown after a failed coup in Turkey.
But the outsize effect reflected deepening concerns over Turkey’s economic management by President Recep Tayyip Erdogan, who was re-elected in June with near-authoritarian powers. It also increased the risk that the problems in Turkey, which borders Iran, Iraq and Syria, could destabilize economies well beyond the region.
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