Relations between Washington and Turkish President Recep Tayyip Erdogan also have worsened because of the detention of three locally employed United States consular workers, trade matters and differences over Syria.
"Those who can't compete with us on the ground have brought online fictional currency plots that have nothing to with the realities of our country, production and real economy", Erdogan told a provincial meeting of his AK Party in the Black Sea coastal town of Rize. "Turkey is an important strategic partner militarily and economically".
While Turkey and the United States are at odds over a host of issues, the most pressing disagreement for Trump has been the fate of American Christian pastor Andrew Brunson, who is on trial on terrorism charges for allegedly supporting a group that Ankara blames for a failed coup in 2016. "This will be my people's response to those who have waged an economic war against us".
Trump made the 50 percent steel tariff official with a presidential proclamation Friday evening. "It could serve as a template for further tariff actions against China if the renminbi depreciates further relative to the dollar, even if that depreciation were mainly a reflection of the relative strength of the US and Chinese economies".
Erdogan said Turkey is not afraid of outside "threats".
Turkey will "never accept the order, which declares war against the whole world", through the threats of sanctions, he said, referring to the U.S.
On Friday, Turkey's currency, the Lira, fell as much as 14%, causing the global financial markets to shudder. As the currency continued to fall, United States President Donald Trump announced on Friday he had doubled steel and aluminum tariffs on his North Atlantic Treaty Organisation ally before admitting that relations between Washington and Ankara were "not very good".
Erdogan on Friday held telephone talks with Russian President Vladimir Putin, discussing economic and trade issues as well as the Syria crisis. "If European countries want to get rid of the dollar pressure, we are ready to create a similar system with them", Anadolu Agency quotes him as saying.
In an opinion piece in the New York Times Friday, Erdogan wrote "failure to reverse this trend of unilateralism and disrespect will require us to start looking for new friends and allies".
Sharing a picture of how his country sees the crisis with the Trump's, Mr. Erdogan wrote in the American newspaper that unless the USA changed course, Turkey would look for new friends and allies.
The lira tumbled 14 per cent Friday, to 6.51 per USA dollar, a massive move for a currency that will make Turkish residents poorer and further erode worldwide investors' confidence in the country.
President Trump said he would double steel and aluminum tariffs on Turkey, deepening tensions over the country's refusal to free an American pastor.
He added: "Unless the United States starts respecting Turkey's sovereignty and proves that it understands the dangers that our nation faces, our partnership could be in jeopardy".
The sanctions will freeze the USA assets of Turkey's minister of justice, Abdulhamit Gul, and its minister of interior, Suleyman Soylu.
On Friday, as the Lira plunged and the US imposed its higher sanctions on Turkey, Turkish President Erdogan and Russian President Vladimir Putin spoke on the phone. "Hopefully we will overcome this disaster and we will also successfully overcome this economic war", Erdogan said.