Speaking after US President Donald Trump doubled tariffs on Turkish steel and aluminium imports, Erdogan described Friday's 18 percent fall in the lira to a record low as the "missiles" of an economic war waged against Turkey, Reuters said.
Turks have over the last half decade counted the rapid depreciation of the Turkish lira on the screens outside doviz (exchange) booths with a mixture of bewilderment, alarm and ironic amusement.
"Most of the actors in the Washington scene think that carrots just don't work with Turkey, just the stick", said political analyst Atilla Yesilada of Global Source Partners. "You are exchanging your strategic partner in North Atlantic Treaty Organisation for a priest". Turkish aluminum will now be taxed at 50% and steel at 20%, essentially pricing Turkish metals out of the USA markets.
Earlier this month, the US slapped sanctions on Turkey's justice and interior ministers over Brunson's imprisonment.
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". Henri Barkey, a professor of International Relations at Lehigh University, the tariffs "an unnecessary escalation" and advised direct talks between Mr Trump and Mr Erdogan.
"Our relations with Turkey are not good at this time!".
Turkey, home to the Incirlik air base that is used by U.S. forces in the Middle East, has been a North Atlantic Treaty Organisation member since the 1950s.
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The ailing Turkish lira had already lost one third of its value this year, largely over worries about Erdogan's wider control of the economy.
The United States has increasingly used economic sanctions against foes such as Iran or North Korea but it is highly unusual for an administration to impose import tariffs over political or judicial issues with other countries.
While Turkey's economy is only the 17th largest in the world, there are a number of concerns that Trump's latest trade war is only further disrupting global commerce, damaging longtime alliances, and threatening global economic growth.
A plunge in the Turkish lira rocked global equities and emerging markets on Friday and fear of more turmoil sent investors scurrying for safety in assets like the yen and USA government bonds.
Markets have been deeply concerned about the direction of domestic economic policy under Erdogan with inflation hovering around 16% as the central bank refuses to raise interest rates in response. Another stumbling block is the human rights issue and the arrest of American pastor Andrew Brunson by the Turkish police. "We've stood with neighbours before, and will again now", he warned. USA stocks were also rattled.
It's an awkward triangle, given that Turkey is a Nato member, Russian Federation is Nato's number one threat and the organisation is obliged to defend any member that is attacked.
Treasury and Finance Minister Berat Albayrak has vowed to execute Turkey's new economic model together with "all national and worldwide stakeholders", while stressing that a "decisive" approach and the Central Bank's independence would be maintained.
Turkey, home to the Incirlik air base which is used by USA forces in the Middle East, has been a North Atlantic Treaty Organisation member since the 1950s.