"I have just authorized a doubling of Tariffs on Steel and Aluminum with respect to Turkey as their currency, the Turkish Lira, slides rapidly downward against our very strong Dollar!" the president wrote in a tweet.
Erdogan appealed to a crowd in the city of Bayburt to exchange dollars and gold for Turkish lira to prop up the plunging currency.
Turkish President Tayyip Erdogan told Turks to sell their gold and dollars to support the crumbling lira.
The Turkish lira on Friday hit a record low following President Donald Trump's announcement he was doubling U.S. tariffs on Turkish metals.
"The United States should know that the only result such sanctinos and pressure will bring... will be harming our relationship as allies", the Turkish foreign ministry said in a statement. The currency is currently down 13.5% against the U.S. dollar, after a brief 20% fall, resulting from a Trump tweet that declared, "Aluminum will now be 20% and Steel 50%", and concluded: "Our relations with Turkey are not good at this time!"
Relations between Turkey and the USA have been tense over a range of issues, from the Syrian conflict to the imprisonment of American pastor Andrew Brunson.
A delegation led by Turkish Deputy Foreign Minister Sedat Onal failed to secure a deal last Wednesday in talks in Washington on a number of issues including Brunson.
A Turkish delegation returned from a meeting with Trump administration officials in Washington on Thursday with no apparent progress on a conflict over an American pastor who has been detained in Turkey for almost two years.
It came as a Turkish delegation returned from the United States, reporting no progress on negotiations involving a USA pastor imprisoned in Turkey.
In an op-ed published in New York Times, Erdogan warned Washington not to risk its relations with Ankara, saying otherwise it would look for "new friends and allies".
"Hopefully we will overcome this disaster and we will also successfully overcome this economic war", Erdogan said. "Don't heed them. Don't forget, if they have their dollars, we have our people, our God", Erdogan said. Gulen has denied the allegation.
Brunson, an evangelical Presbyterian from North Carolina, was jailed for allegedly supporting the group that Turkey blames for the failed coup and was moved from prison to house arrest in July.
His cause resonates with Trump's Christian conservative supporters, who could be influential as Republicans seek to retain control of Congress in midterm elections in November. "The U.S. has to rehabilitate its addiction to sanctions & bullying or entire world will unite - beyond verbal condemnations - to force it to".
'We are once again facing a political, underhand plot.