"Aluminum will now be 20% and Steel 50%", President Donald Trump tweeted".
Erdogan appealed to Turks to exchange dollars and gold for Turkish lira to support the plunging currency.
The lira tumbled 13 percent in one day, to 6.51 per dollar, a massive move for a currency that will make the Turkish poorer and further shake global investors' confidence in the country.
Compounding the lira´s agony, President Donald Trump said he had doubled steel and aluminium tariffs on Turkey, noting that relations between the North Atlantic Treaty Organisation allies were "not very good".
Turkey's currency slumped to a new record low as Donald Trump compounded the country's economic crisis by doubling steel and aluminium tariffs. The S&P 500 lost 20.3 points, or 0.71 percent, to 2,833.28 and the Nasdaq Composite dropped 52.67 points, or 0.67 percent, to 7,839.11.
Experts, however, were split about Mr Trump's tariffs decision with some fearing it could backfire on US-Turkish relations without helping Mr Brunson's case.
"Section 232 tariffs are imposed on imports from particular countries whose exports threaten to impair national security as defined in Section 232, independent of negotiations on trade or any other matter", she explained.
Turkish President Erdogan urged all residents to rapidly convert dollars and other foreign currency into liras, saying the nation was facing an escalating financial crisis that would likely get worse in the coming weeks.
The pastor, who is also accused of supporting the outlawed Kurdistan Workers' Party (PKK), denies the charges and faces 35 years in prison if found guilty.
The Trump administration has called upon Erdoğan to release Brunson for months.More news: Kim Kardashian launches fundraiser for Child Mind Institute charity
More news: Kawhi Leonard pens thank you letter to San Antonio Spurs
More news: Sweep of Yankees shows Red Sox can do 'damage,' too
Turkey is front and center of the chaos on Friday, with its currency plunging to a record low against the U.S. dollar.
"I would say we would define progress as Pastor Brunson being brought home", Nauert said. "It is a national fight", he told a crowd in the northeastern city of Bayburt.
U.S. President Donald Trump intensified his spat with Turkey on Friday by imposing higher tariffs on metal imports, putting unprecedented economic pressure on a North Atlantic Treaty Organisation ally and deepening turmoil in Turkish financial markets.
Turkey also wants the United States to extradite Fethullah Gulen, a Pennsylvania-based Muslim cleric who Turkish authorities say masterminded the coup attempt against Erdogan in which 250 people were killed.
"There are various campaigns being carried out". "If they have the dollar, we have Allah", he said in a speech early today.
Turkey's lira and the Russian rouble were hit hardest, according to analysts, with the lira hitting a new record low against the U.S. dollar on Friday. "Look at what we were 16 years ago and look at us now", a reference to his terms as prime minister and president. I refrain from talking about the Central Bank as much as I can and when I have to speak, I use a sensitive language.
"The Central Bank's independence should always continue as a principle".
Presenting the government's new economic model, Albayrak said the next steps of rebalancing would entail lowering the current account deficit and improving trust.
The lira fell as much as 18 per cent against the US dollar in its worst day since Turkey's financial crisis of 2001.
Turkey's trade ministry said the US tariff moves were against World Trade Organization rules.