Criticizing the state of the US relationship with Ankara, Trump announced on Twitter that he had authorized a doubling of duties on aluminum and steel imported from Turkey, making them 20 percent and 50 percent respectively.
Turkey's currency crisis spilled loudly on to the global stage Friday as other markets, including U.S. stocks, took at hit from concern about financial contagion to other countries and banks.
Relations are also tense because of new U.S.
Trump's tweet caused a further drop in the Turkish currency, which is now down 13 percent on the day.
Donald Trump took to Twitter yesterday to boast about the value of the dollar against the lira. Following the tweet, Turkey responded by imposing duties on $1.8 billion in US goods including coal and paper. While many of Turkey's challenges are specific to that country, there are certain characteristics - a heavy debt load following a prolonged, low U.S. interest-rate driven borrowing binge in dollars - broadly shared throughout emerging markets. Financial upheaval there risks further destabilising an already volatile region.
Earlier on Friday the lira plunged as much as 14 percent on as worries about Erdogan's influence over monetary policy and worsening USA relations snowballed into a market panic that also hit shares of European banks.
The Ministry issued a statement asserting that Turkey, as it determines and implements its own trade policy in compliance with the WTO, expects other member countries to comply with global rules. Ankara and Washington agreed to work together to resolve problems between them, Cavusoglu said after the meeting. "Hopefully we will overcome this disaster and we will also successfully overcome this economic war", Erdogan said.
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Deteriorating ties between the USA and Turkey - both North Atlantic Treaty Organisation members - have also alarmed investors.
He said high foreign exchange rates were being used as a weapon against Turkey. "During this period, Turkey has set records in its exports, production and employment", Erdogan said.
Later speaking in northeastern Rize province, Erdogan spoke of Turkey's plans to trade in local currencies with some countries.
"As he stated, the president has authorized the preparation of documents to raise tariffs on imports of steel and aluminum from Turkey", White House Deputy Press Secretary Lindsay Walters said.
"The US and Turkey are breaking up". I am calling on those in America again.
Mr Erdogan said although the nations had been allies for decades, Turkey "now has alternatives".
Brunson was among many foreign nationals detained by Turkish President Erdogan in the wake of a failed 2016 coup attempt.