Treasury Secretary Steve Mnuchin warned on Thursday that the next series of sanctions against Turkey are coming "soon" unless that nation immediately gives in to demands to free jailed American pastor Andrew Brunson.
The US has threatened to slap Turkey with more sanctions if it does not release a Christian evangelical pastor held on terrorism charges. The currency was supported by Turkey's plan to cut spending, support for the banks and Qatar's pledge to invest $15bn in the country.
The Turkish lira stood at 5.80 against the dollar on Friday after record lows in the week.
He said: "We put sanctions on several cabinet members". "Working with you, we have more that we're planning to do if they don't release him quickly".
Trump prefaced Mnuchin's remarks by saying that Turkey had not been a very good friend.
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Mr Brunson, an evangelical pastor from North Carolina, faces 35 years in prison on espionage and terror-related charges and is under house arrest while his trial continues.
Ankara, for its part, wants Washington to extradite Fethullah Gulen, a Muslim cleric based in Pennsylvania who Turkish authorities say orchestrated the 2016 coup attempt in which 250 people lost their lives.
'We are not going to take it sitting down.' The row follows US-imposed sanctions on two Turkish ministers and doubled tariffs on its steel and aluminum imports.
In an intensifying cycle of tensions with the United States, Erdogan has called for a boycott of U.S. electronic goods such as iPhones and Ankara has sharply hiked tariffs on some USA products.
Mr Erdogan is angry that the U.S. has not taken more action against the Gulenist movement and what he said was a failure "to unequivocally condemn" the 2016 coup attempt.
Former assistant trump published a secret recording
Reid was sacked in May 2017, but the reasons have never been explained by the White House. In her book, Manigault Newman says Kelly fired her for "integrity violations".
The bail-out followed talks in Ankara between the emir of Qatar, Sheikh Tamim bin Hamad Al-Thani, and Turkey's President Recep Tayyip Erdogan.
Yesterday, US president Donald Trump said: 'They should have given him back a long time ago and Turkey has in my opinion acted very, very badly.
Kristina Arriaga, vice chair of the US Commission on International Religious Freedom, recently returned from Turkey.
Turkey's finance chief tried to reassure thousands of global investors on a conference call Thursday, in which he pledged to fix the economic troubles. Brunson's next hearing is scheduled for October 12.
Donald Trump is once again turning the heat on Turkey with the detention of an American pastor.
Turkish, French finance ministers agree on cooperation amid United States sanctions
Moody's stripped Turkey of its investment-grade rating in 2016 and Friday's move lowered it one rung further. President Donald Trump , who counts evangelical Christians among his core supporters.
American officials have also protested the detentions of several Turkish employees of the USA diplomatic mission in Turkey, including Metin Topuz, Hamza Ulucay and Mete Canturk.