Only hours after a Turkish court rejected an appeal on Friday for the release of a USA pastor from house arrest, President Donald Trump said Ankara had acted "very, very badly" in the case and the United States was "not going to take it sitting down".
"We've already responded based on the World Trade Organisation rules and will continue to do so", Trade Minister Ruhsar Pekcan was quoted as saying by the state-run Anadolu news agency.
A report from the Wall Street Journal said the U.S.
Relations between Turkey and the U.S. are at a low point over the detention of Andrew Brunson, whom Turkish President Recep Tayyip Erdogan's government accuses of being involved in an attempted coup in 2016.
Then last week, Trump increased them again, this time to 50 percent on Turkish steel and 20 percent on Turkish aluminum.
Mr Trump wrote in a tweet late on Thursday: "We will pay nothing for the release of an innocent man, but we are cutting back on Turkey!"
Whatever action the United States does take, economists said it looked likely to cause more pain for Turkish assets in the immediate future.
Albayrak spoke Thursday with his German counterpart Olaf Scholz and they agreed to "take steps in order to reinforce economic cooperation", Albayrak's office said.
In another high-profile case, a Turkish court freed Taner Kilic, the local chair of Amnesty International, a researcher from the rights group said.
"Volatility seems to have fizzled out in the last 24 hours and the stability in the renminbi has helped emerging market currencies", he said, while cautioning that Italian political uncertainty would limit any euro upside.
Finance Minister Berat Albayrak, Erdogan's son-in-law, told investors on August 16 that Turkey would emerge stronger from the currency crisis, insisting its banks were healthy and signaling it could ride out the dispute with Washington.
"Overall, the data indicates that consumers have little tolerance for overshooting inflation targets, and to the benefit of the Fed, interest rates now play a more decisive role in purchase decisions", he said.
Turkish markets will be closed from midday on Monday for the rest of the week for Eid Al Adha.
He went to the police station on October 7, 2016, was detained and later charged with involvement in a coup attempt.