'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!' Trump said in an early morning post on Twitter.
"This is the sign of a clear attack, a challenge", Albayrak said. The European Central Bank announced on Friday that it was concerned about the Lira's exposure to European banks, fearing that financial contagion may spread to major lenders such as Unicredit, BBVA, and BNP Paribas.
Since then, its relationship with Turkey, the sixth largest steel importer to the U.S., the world's biggest steel importer overall, has deteriorated, prompting Ankara to send a delegation this week to Washington to meet with both the State and Treasury Departments.
"We can only say "good-bye" to anyone who sacrifices its strategic partnership and a half century alliance with a country of 81 million for the sake of relations with terror groups", Erdogan said.
The penalties also bar any United States transactions with the two men. "This is called carrying out an operation against Turkey", he said. "We care about the law, the language of the law", he said about the United States policy during a rally in the Black Sea city of Ordu hit by floods that harmed hundreds of homes and businesses.
Earlier, Erdogan had stood by his opposition to high interest rates, saying they were an instrument of exploitation and that Turkey was not going to fall into this trap.
President Donald Trump said on Friday he'd authorised higher tariffs on imports from Turkey. "You impose sanctions on our Halkbank. and then you expect different treatment from Turkey?" said Erdogan, in a second speech in the same city.
This year, it lost more than 40 per cent.
Prior to Trump's announcement, the Turkish lira fell to its lowest point ever against the USA dollar on Friday.
The White House said Mr Trump had authorised them under a section of U.S. trade law that allows for tariffs on national security grounds.
Turkish President Tayyip Erdogan told Turks to sell their gold and dollars to support the crumbling lira.
Turkey and the USA are now experiencing rocky relations following Washington's imposition of sanctions on Interior Minister Suleyman Soylu and Justice Minister Abdulhamit Gul for not releasing American Pastor Andrew Brunson, who faces terrorism charges in Turkey. 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.
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.