The U.S. wants American evangelical pastor Andrew Brunson freed and cleared of terrorism-related charges he has faced since 2016, when Turkish authorities arrested him for allegedly aiding a failed coup attempt earlier that year.
The currency has lost almost 40 per cent against the dollar this year, impacted by Mr Erdogan's growing influence on the economy and his repeated calls for lower interest rates despite high inflation.
Pastor Andrew Brunson, a U.S. citizen who has resided in Turkey for over two decades, was arrested on terrorism and espionage charges as part of the Erdogan government's probe into 2016's failed military coup.
Trump, who has doubled steel and aluminum tariffs on Turkey, said the steel tariffs had kicked in and the aluminum tariffs would take effect soon.
The White House on Wednesday condemned Turkey's doubling of tariffs on United States cars, alcohol and tobacco imports, calling the action "a step in the wrong direction".
Erdogan has called on Turks to exchange their dollars for lira in order to shore up the domestic currency.
Sen. Thom Tillis speaks out on efforts to return US pastor detained in Turkey.
Turkey is beset by a weak currency and tension with the United States
Investors said Albayrak's conference call would test whether Turkey can persuade markets that its monetary policy is not hostage to political influence.
The Turkish banking watchdog has taken steps to stabilise the currency, limiting futures transactions for offshore investors and lowering limits on swap transactions.
"The tariffs that the United States placed on Turkey were out of national security interests".
Many countries had been the target of similar US trade measures, Albayrak said, and Turkey would navigate this period with other parties such as Germany, Russia and China.
Turkish President Tayyip Erdogan announced yesterday that the country would boycott all electronics from the United States amid tension and rising conflict between the two countries and its leaders.
Some emerging market countries pared their holdings of US Treasuries in June, data from the US Treasury department showed on Wednesday, in what analysts viewed as a move to support their currencies as the Federal Reserve started raising interest rates this year.
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