"The tweet is mightier than the Turkish sword", Cristian Maggio, head of emerging markets strategy at TD Securities, said in a note to clients, with reference to Trump's comments.
The increase in tariffs is considered a blow to the value of Turkey's lira, which reportedly fell further after the president's announcement. That is two times the level announced earlier this year in March.
The value of the Turkish lira has dropped sharply, ramping up fears of a contagion effect across emerging markets that could damage the world economy. Conservative evangelical Protestants are a key constituency at home for U.S. President Donald Trump.
Turkey said it would respond to the new USA tariff action "without delay" and warned the move would further harm relations between the two countries.
The dollar index, which measures the greenback's strength against a group of six major currencies, breached the 96 level, taking it to its highest level since July 2017.
Q: How is the fall in the lira a problem?
The lira has lost more than 40 percent this year.
The president's characteristic defiance in the face of a shaky economy has further unnerved investors. With central banks holding down interest rates, currency traders are the new economic enforcers, as Friday's volatile markets showed.
The new set of economic steps are aimed at securing an economic growth of 3-4 percent in 2019, and decreasing the inflation rate to single digits, the ministry said in a press release on August 9.
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Turkish Economic Crisis Deepens As Currency Hits All-Time Low
Late on Friday, the rand was trading at more than R14 to the dollar, its worst point since a credit downgrade in November. Independent analysts argue the central bank should instead raise rates to tame inflation and support the currency.
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In modern economies, central banks are meant to be independent of governments to make sure they set policies that are best for the economy, not politicians.
Erdogan framed Turkey's currency crisis as a "national battle" against economic enemies, namely the USA, saying "if they have their dollar, we have the people, we have Allah".
Erdogan on Friday once again urged Turks to exchange gold and dollars into lira to stop the currency from plunging.
People pass in front of into a jewellery shop where gold bangles are on display in Istanbul on August 8, 2018.
The euro was hurt after the Financial Times reported that the European Central Bank had concerns about banks in Spain, Italy and France and their exposure to Turkey's woes.
Q: What about the dispute with the U.S.? "Turkey's awkward diplomatic relations with the west, and the USA in particular, also need to be addressed and remain a deep concern for foreign investors".
Brunson's charges include spying for the PKK, listed as a terrorist group by both the US and Turkey, and the Fetullah Terrorist Organization (FETO), the group behind the defeated coup attempt in Turkey of July 2016.
The Turkish lira hit an all-time low against the dollar on Friday, and there are growing concerns that the country's economic troubles could spread to the eurozone.
"If they have their dollar, we have the people, we have Allah", he said, as the lira continued to fall.
In what appears to be a diplomatic riposte, Turkey later said Mr Erdogan had held a phone call with Russian President Vladimir Putin to discuss economic ties.
The Associated Press contributed to this article.