Erdogan has been putting pressure on the central bank not to raise interest rates in an attempt to help borrowers.
Relations between the two North Atlantic Treaty Organisation allies have sunk to their lowest point in decades over a string of issues including the detention of United States pastor Andrew Brunson on terror-related charges, prompting the lira to hit record lows against the dollar.
The dispute between the two North Atlantic Treaty Organisation allies - which reached new intensity over the detention of an American pastor in Turkey - has hammered the lira and also raised questions over the future partnership between Washington and Ankara.
The White House has said the newly-imposed sanctions would take effect from August 13. "We care about the law, the language of the law", he said about the USA policy during a rally in the Black Sea city of Ordu hit by floods that harmed hundreds of homes and businesses.
"Interest rates should be kept to a minimum because they are a tool of exploitation that makes the poor poorer and the rich richer", he said. "Immediately give these to the banks and convert to Turkish lira and by doing this, we fight this war of independence".
Addressing for the first time on Friday to a rally of his supporters, he said, "If they have dollars, we have our people, we have our right and we have Allah!"
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"And I really hit some great shots the next couple of holes, gave myself a lot of chances for birdie, and made a couple of them". He has not made a putt of longer than 17 feet over three days, and has only made five putts of more than 10 feet all week.
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Later, the Canadian government called for the immediate release of jailed activists. Morneau said the Canadian economy is strong.
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Another White House official confirmed that Manigault Newman brought Cohen into the White House and was later rebuked for it. She tries to explain why she used the vehicle each time - for official government business, in her telling - to no avail.
The lira's free-fall was the result of a foreign plot and did not reflect Turkey's economic fundamentals, he said. On Friday, The New York Times published an article by Erdogan himself.
The United States is the biggest destination for Turkish steel exports with 11% of the Turkish export volume.
Turkey's President Recep Tayyip Erdogan on Saturday accused the USA of exchanging its "strategic North Atlantic Treaty Organisation ally with a pastor", remarks that questioned why Washington was seeking to free its citizens detained by Ankara, including Pastor Andrew Brunson who has become the eye of a diplomatic storm between the two nations.
The sanctions will freeze the U.S. assets of Turkey's minister of justice, Abdulhamit Gul, and its minister of interior, Suleyman Soylu.
Paul Greer at Fidelity International said dramatic interventions were now needed as Turkey faced a "downward spiral" of investor confidence.
"The US has to rehabilitate its addiction to sanctions [and] bullying or entire world will unite - beyond verbal condemnations - to force it to".
"The plunge in the lira which began in May now looks certain to push the Turkish economy into recession and it may well trigger a banking crisis", said Andrew Kenningham, chief global economist at Capital Economics.
On Friday, Erdogan spoke by telephone with Russian President Vladimir Putin.
Turkish media covered the latest tensions between Ankara and Washington, with pro-government daily Sabah saying on its front page that "the currency attack" was no different from the attempted July 2016 coup.