On Aug. 1 relations between Ankara and Washington nosedived when the USA imposed sanctions on two Turkish Cabinet ministers after Turkey refused to release an American pastor who faces terrorism-related charges in Turkey.
USA treasury secretary Steven Mnuchin yesterday said to Mr Trump that further sanctions are ready to be put in place.
The lira hit a record low of 7.24 to the dollar earlier this week, down 40 percent this year, as investors fretted over Erdogan's influence over monetary policy and the row with the United States.
The latest U.S. announcement came after Turkish Finance Minister Berat Albayrak, the son-in-law of President Recep Tayyip Erdogan, sought to soothe markets during an unprecedented teleconference on Thursday with hundreds of foreign investors from the United States, Europe to Asia.
Erdogan has called on Turks to exchange their dollars for lira in order to shore up the domestic currency.
Trump said the United States had helped Turkey in a related incident, but that the North Atlantic Treaty Organisation ally had not repaid the favor. "Not fair, not right".
Extremely poor air condition in Calgary because of wildfire smoke
Using the hashtag #SeattleSmoke on Twitter Wednesday, residents were noting health complications and other issues from the haze. The visibility has gotten so bad in most locations that people can only see between three and five miles ahead.
The U.S. economy is 25 times larger than Turkey's, based on nominal GDP.
In a tweet on Thursday, Trump hailed Brunson as a "great patriot hostage" lashing at Turkey for "holding our wonderful Christian pastor".
Turkey's finance chief tried to reassure thousands of worldwide investors on a conference call Thursday, in which he pledged to fix the economic troubles. United States officials maintain there is no credible evidence against Brunson, and the Trump administration has negotiated for weeks to secure his release. Brunson, who Turkish officials say had links to a failed 2016 coup, is being held under house arrest.
Turkey shot back on Friday, threatening to respond if the United States levied further sanctions.
"For months, the U.S. Chamber has warned that alienating our allies in a tit-for-tat trade war would harm the U.S. economy and undermine American global leadership, and evidence of that harm to U.S. workers, farmers, and businesses is mounting".
Erdogan has called for a boycott of US electronic goods and Turkish media have given extensive coverage to anti-U.S. protests, including videos on social media showing Turks apparently burning dollar bills and destroying iPhones.