Tariffs have been imposed on 22 types of produce and goods imported from the United States, amounting to $533 million USA of extra duties, according to a report in the state-run Anadolu Agency, quoting Rushar Pekcan, the country's trade minister.
Turkish Vice President Fuat Oktay said that the tariff hikes were ordered "within the framework of reciprocity in retaliation for the conscious attacks on our economy by the United States administration".
The Turkish lira plummeted to a record low on Monday, losing almost 40 percent of its value since the start of 2018.
Turkey has accused the United States of waging an "economic war" as part of a plot to harm the country.
The Turkish lira has lost about 40 percent of its value since the beginning of the year, after US President Donald Trump doubled, on Friday, customs duties on imports of aluminum and Turkish steel, days after Washington imposed further sanctions against the Turkish Ministers of Justice and Interior, under the pretext of not releasing American Pastor Andrew Branson, who is detained by Turkey on terrorism-related charges.
Turkey sought to face down the United States and currency traders as its president, Recep Tayyip Erdoğan, reportedly received support from the German chancellor, Angela Merkel.
Erdoğan and Trump are locked in a dispute about the U.S. pastor Andrew Brunson, who was arrested nearly two years ago and accused of plotting against the Turkish government. "We have other partnerships and alternative markets".
The newspaper also quoted a government undersecretary as saying that Turkey's Financial Crime Investigation Board "started an investigation into people and institutions that spread fake news" meant to undermine the lira-dollar exchange rate.
Turkey's banking sector remained strong and liquid and the measures taken to support the market have started to show impact, Turkey's Akbank chief executive said and added there were was no withdrawal of deposits. Showing no signs of backing down in the standoff, Erdogan suggested that Turkey would stop procuring US-made iPhones and buy Korean Samsung or Turkish-made Vestel instead.
Russia's foreign minister, Sergey Lavrov, voiced support for Turkey during a joint news conference with his Turkish counterpart in Ankara on Tuesday, stating both countries plan to switch from dollars to national currencies for their mutual trade. "The central bank has not done this through a change in the benchmark rates, but they are squeezing liquidity, so the result is the same", Maggio said.
He also made his now famous speech on the night of the July 2016 failed coup calling citizens out into the street through Facetime, an iPhone app.
"If we postpone our investments, if we convert our currency to foreign exchange because there's danger, then we will have given in to the enemy", he said.
Meanwhile, the lawyer representing Andrew Brunson, the American pastor at the center of the dispute, renewed an appeal for his release from house arrest and for a travel ban imposed on him to be lifted.