Asian stocks retreated to a one-year low on Wednesday as bearish Chinese markets worsened investor sentiment already hurt by Turkey's financial crisis.
President Erdoğan said Tuesday that Turkey will impose a boycott against USA electronic products amid an ongoing and deepening rift between the two North Atlantic Treaty Organisation allies over a number of issues.
The currency TRYTOM=D3 has lost almost 40 percent against the dollar this year, driven by worries over President Tayyip Erdogan's growing influence on the economy and his repeated calls for lower interest rates despite high inflation.
Kalin also told a news conference on Wednesday that Turkey will take a positive stance towards trading in national currencies to escape from USA dollar pressure.
Turkish officials say they're on board for the idea, with President Erdogan saying Turkey is already prepared to conduct all trade with China, Russia, and Ukraine through their respective currencies.
Turkey has accused the United States of waging an "economic war" as part of a plot to harm the country.
President Erdogan has accused the United States of trying to "bring Turkey to its knees through threats over a pastor".
But on Wednesday the lira was trading at 6.0 to the dollar, a gain in value on the day of 5.2 percent.
But the lira posted gains on forex markets for the first time after days of losses, giving the currency much needed respite.
The finance minister will seek to reassure global investors on Thursday in a conference call for which a ministry official said some far 3,000 people had signed up. Tariffs were also increased on goods including cosmetics, rice and coal.
The measure was a "retaliation for the conscious economic attacks by the United States", Turkey's vice-president Fuat Oktay explained, referring to the US' decision last Friday to double its tariffs on Turkish steel and aluminium.
A court in Turkey has rejected an appeal by an American pastor, who faces terrorism charges, to be released from house arrest and for his travel ban to be lifted.
The United States was the fourth largest source of imports to Turkey a year ago, accounting for $12 billion of imports, according to International Monetary Fund statistics.
Brunson was sent from jail to house arrest last month but the move added to rather than defused tensions, with U.S. officials bitterly disappointed he had not been allowed to return home.
On Wednesday, a court in Izmir, where Brunson is on trial, rejected his appeal to be released from house arrest.
"If the traitor in Pennsylvania is extradited to our country, the handover of the pastor may be in the offing, and both countries will get what they want", Devlet Bahceli, leader of a far-right political party allied with Erdogan, said Wednesday in Ankara, according to the Anadolu news agency.