Erdoğan had warned Saturday that Turkey would start looking for new friends if the US continued with its unilateral actions against a North Atlantic Treaty Organisation ally, in a diplomatic row that has sent Ankara and Washington relations to a new low.
Turkey also warned there would be retaliation against the US' imposition of the tariffs.
Last week the U.S. government announced sanctions against Turkey's interior and justice ministers, to which Ankara responded by freezing the assets of two American officials in Turkey.
Observers have noted how fighting for Mr Brunson's cause is likely to be popular with Mr Trump's evangelical base ahead of crucial mid-term elections this November.
Trump is also declaring that, "Our relations with Turkey are not good at this time!".
"Aluminum will now be 20 percent and Steel 50 percent".
The U.S.is the biggest destination for Turkish steel exports with 11 percent of the Turkish export volume. Since then, Trump and US Vice President Mike Pence have repeatedly called for his release, while Ankara has said the decision is up to the courts.
Erdoğan said that the US had set a deadline of last Wednesday for Brunson's release, threatening Turkey with sanctions if it did not comply with USA wishes. He says higher interest rates lead to higher inflation, the opposite of what standard economic theory says.
The euro slid sharply against the dollar after the announcement as it was reported that the European Central Bank was concerned about the performance of the lira and the impact it was having on European financial institutions.
After winning a June election with revamped powers, he tightened his control over the central bank and appointed his son-in-law Berat Albayrak to head a newly-empowered finance ministry.
Erdogan on Friday appealed for calm and called on people to change foreign money into local lira.
"We will not lose the economic war", state-run TRT Haber television quoted Erdogan as saying.
President Tayyip Erdogan denied on Saturday that Turkey is in a currency crisis, dismissing a plunge in the lira as "fluctuations" unrelated to the country's economic fundamentals. The plunge in the value of the currency coupled with an inflation rate of almost 16% could cause a lot of damage to Turkey's economy. Debt and borrowing in foreign currencies has private companies over-leveraged and frozen, hoping that restructuring will save the businesses.