Speaking at the Media Oscars Award Ceremony held by the Radio Television Journalists Association, Erdogan said: "They want to put pressure on us by using the economy."

Political tensions between Ankara and Washington had sparked worries in markets this month, after U.S. President Donald Trump threatened to use economic pressure over an American pastor who faces terrorism-related charges in Turkey.

The Turkish lira has been losing its value against the U.S. dollar past several weeks after the U.S. president doubled tariffs on Turkish steel and aluminium.

"It is impossible for us to step back with such threats," Erdogan said. 

"There are structural problems to be solved in Turkey's economy. We already know them and we are working on the solution," Erdogan added.