Trump, before leaving the White House on Friday, denounced Turkey as a "problem for a long time" and said it made up a "phony" spying charge against the Rev. Andrew Brunson.
Last Friday, U.S. President Donald Trump said he had authorised higher tariffs on aluminium and steel imports from Turkey. They came out. They want to hold our wonderful pastor.
"They have not proven to be a good friend", Trump said of Turkey during the Cabinet meeting.
"Even if tensions between the U.S. and Turkey are resolved, investors still need to see serious fiscal and monetary measures to restore confidence".
The US president announced on Twitter last week that he had authorized a doubling of steel and aluminum tariffs on Turkey, stating that relations between the two North Atlantic Treaty Organisation allies "are not good at this time!"
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The lira lost strength after Mnuchin's remarks.
Mr Erdogan is angry that the USA has not taken more action against the Gulenist movement and what he said was a failure "to unequivocally condemn" the 2016 coup attempt. On Aug. 14, he said Turkey would boycott US electronic products.
The way the American administration has presented the Brunson case to the American public is that a good man of religion has been put on trial in Turkey for his religious activities to spread Christianity - this is an absolute lie.
The currency strengthened some 2 percent against the dollar, trading at around 5.85 per dollar, hours before Treasury and Finance Minister Berat Albayrak was scheduled to update global investors about the economy.
The lira has clawed back some ground over the past two days - after losing nearly a quarter of its value on Friday and Monday - but economists are warning that Turkey must urgently address its economic imbalances to avoid more trouble.
Economists gave Mr Albayrak's presentation a qualified welcome and the lira subsequently held firm.
The embattled currency, which has fallen by 40% this year amid a lack of interest rate hikes to control inflation, fell to around 5.86 to the dollar - continuing its recovery from a record low of 7.23 on Sunday.