Washington has imposed financial sanctions on two Turkish ministers and doubled steel and aluminum tariffs on Turkey, as U.S. President Donald Trump tries to secure the release of Andrew Brunson, an American pastor being tried in Turkey on espionage and terrorism-related charges.
Sanders said even if Brunson is released, USA tariffs on steel would remain. "Theirs are out of retaliation", White House spokeswoman Sarah Huckabee Sanders told reporters in freakish comments on Wednesday.
The White House called the Turkish response a step in the wrong direction and signalled a hard line.
Qatar National Bank, the Middle East and North Africa's largest bank, in 2016 completed the acquisition of Turkey's Finansbank.
Turkish Airlines and Turk Telekom have said they will halt advertising in United States media.
The United States on Wednesday ruled out removing steel tariffs that have contributed to a currency crisis in Turkey even if Ankara frees a USA pastor, as Qatar pledged $15 billion in investment to Turkey, supporting a rise in the Turkish lira.
The crisis has sent the Turkish currency into free fall since Friday.
Analysts question the effectiveness of any Turkish boycott of US goods and view Turkey's tit-for-tat taxes - imposed Wednesday on American exports, including cars, tobacco and alcohol - as mostly symbolic because they have relatively little value to a global trade giant engaged in similar disputes with China and other major economies.
In response to Trump's tariffs, Turkish officials said they will impose a 50 percent tax on USA rice, 140 percent on spirits, 60 percent on tobacco and 120 percent on cars while increasing duties on a variety of other goods.
Turkey's Finance Minister Berat Albayrak promised on Thursday the country will emerge "stronger" from the currency crisis sparked by a diplomatic spat with the United States, and ruled out an International Monetary Fund bailout.
Officials at Erdogan's office say the two presidents on Thursday stressed the importance of expanding economic and trade ties as well as mutual investments.
The lira extended gains Wednesday to 6 percent after Qatar's Emir Sheikh Tamim Bin Hamad Bin Al Thani promised to invest $15 billion in the country.
"Turkish-Qatari relations are based on solid foundations of true friendship and solidarity", Kalin added.
Erdogan has also called on Turks to help defend the country against the U.S. economic war on the nation, appealing to Turkish people to exchange dollars and gold for lira to support the lira.
In response, Erdogan announced boycott of United States electronic devices, including Apple iPhones.
The steps spurred a 3 per cent gain in the lira to 6.1648 per dollar by 1:56 p.m.in Istanbul, after an 8.4 per cent advance on Tuesday.
The drop in the Turkish lira is attracting more interest from tourists, including last minute travelers, as well as prospective real estate buyers.