The weakness of the Turkish currency has rippled through global markets.
The US is much further along that path than other major economies and its monetary policy is being normalised even as Europe and Japan maintain crisis settings.
Turkey has raised tariffs on some USA products under the principle of reciprocity "in response to the US administration's deliberate attacks on our economy", Vice President Fuat Oktay wrote on Twitter on Wednesday.
Turkish President Recep Tayyip Erdogan announced a boycott of American electronics Tuesday after US President Donald Trump's decision to hike tariffs on Turkish steel imports. The Indian rupee hit an all-time low of 69.62 to the U.S. dollar and the Indonesian rupiah took the biggest tumble out of all the Asian currencies and hit its lowest point in three years.
"W$3 e're probably likely to see more of these crisis in emerging economies as the US Federal Reserve raises interest rates, making life for all dollar-exposed economies much more hard", economic writer Ed Conway said on Twitter. "We have Vestel Venuüs in our country", Erdogan said, referencing a Turkey-based smartphone manufacturer during the announcement to members of his national conservative Justice and Development Party. The Turkish lira, in particular, is down 41 per cent this year amid concerns over the country's financial stewardship and a continuing spat with the United States.
"The president has a great deal of frustration on the fact that Pastor Brunson has not been released as well as the fact that other U.S. citizens and employees of diplomatic facilities have not been released", White House Press Secretary Sarah Sanders told a briefing.
He also said tangible and effective reforms will be the most important part of Turkey's economic policy in the coming period.
A group of small business owners earlier gathered in front of a currency exchange office in Ankara to change dollar bills they held in their hands in a show of support for Erdogan, local media reports said.
"In our own country we have Vestel", said Erdogan.
"If the USA has the iPhone, there's Samsung on the other side", Erdogan said, referring to the top South Korean smartphone maker.
His call met a mixed response on Istanbul streets.
Erdoğan has blamed the crisis on "economic terrorists" in the United States, a North Atlantic Treaty Organisation ally, which he said is waging economic "war" against the country. See if you can take her iPhone away. Erdogan stressed that any product made by the United States could be made even better in Turkey, and that for the time being the country would pivot to using South Korea's Samsung electronics.
After travelling to Turkey, Mr Lavrov said: "I am confident that the grave abuse of the role of the USA dollar as a global reserve currency will result over time in the weakening and demise of its role".
The lira perked up on Tuesday after Turkey's central bank unveiled measures to boost liquidity. It rebounded on Tuesday as Turks sold dollars.
The tariff increases come amid Trump's concerns over an American pastor, Andrew Brunson, imprisoned in Turkey since 2016.
Trump and Erdoğan hammered out a deal for the USA to get Israel to release a Turkish woman imprisoned for alleged links to Hamas, and for Turkey to release detained U.S. pastor Andrew Brunson - or so Trump thought, sources tell The Guardian.