Mr Erdoğan blames the catastrophic collapse of the Turkish lira on the US and has accused it of committing an act of «economic terrorism».
And in a defiant speech to supporters in Ankara the president warned there would be a price to pay.
He said: “There is a price we’re paying for the period we are in.
“But there will be a price which those who are waging an economic warfare against Turkey will also have to pay.”
There will be a price which those who’re waging an economic warfare against Turkey will also pay
Recep Tayyip Erdoğan
Mr Erdoğan vowed to hold a “firm political stance” as his government battles to protect its beleaguered economy amid fears of a global financial crisis.
He also rejected calls to switch to foreign currencies which he insisted was not in the Turkish nation’s character and said would be “giving in to the enemy”.
Mr Erdoğan used the speech to announce a trade boycott of electronic products from the US.
The defiant move comes after White House-backed sanctions and tariffs against Ankara in a dispute about the detention of US evangelical pastor Andrew Brunson on fiercely contested espionage charges.
He told the audience at an event organised by the Turkish Foundation for Political, Economic and Social Research (SETA): He said: «Turkey has one of the most solid banking systems in the world in all respects.
«We can do two things; one in economy, the other in politics.
“We have taken measures that economy needs and we will keep doing it. What is more important, I think, is keeping our political stance strong.
«We will boycott America’s electronic products. If they have the iPhone, there is also Samsung on the other side. We also have our own Venus Vestel. We will adopt these measures.»
It is unclear how Mr Erdogan intends to enforce the boycott.
The president also renewed a call for Turks to convert any US dollars into the Turkish lira to help strengthen the currency.
The Turkish lira has nosedived in value in the past week over concerns about Erdogan’s economic policies and after the United States slapped sanctions on Turkey angered by the continued detention of Mr Brunson.
The Christian pastor today lodged another appeal to a Turkish court to release him from house arrest and lift his travel ban.
The appeal document says the court should halt any unlawful political interventions and lift judicial control provisions imposed against Mr Brunson.
After days of heavy losses, Turkey’s currency recovered some ground on today rising by about 5 percent to take it back to 6.5 lira to the US dollar from more than 6.88 last night.