US Treasury Secretary Steven Mnuchin told Trump at a cabinet meeting on Thursday that more sanctions were ready to be put in place if Brunson were not freed.
Despite the strengthening of the Turkish lira recently, on the heels of the government and central bank measures, experts still consider that this rebound is temporary and the currency will drop to seven or eight lira against one United States dollar.
The currency has recovered from record lows earlier this week.
US Charge d'Affaires Jeffrey Hovelier has visited US pastor Andrew Brunson who is being held under house arrest in Izmir. "We will pay nothing for the release of an innocent man, but we are cutting back on Turkey!" he Tweeted.
Further sanctions or tariffs could exacerbate the already fragile economic situation in Turkey, and broader emerging markets.
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Rattled markets ended a rollercoaster week on the back foot after the Turkish lira's recovery suffered a setback with tensions mounting with the US. He has been held in Turkey for two years and accused by local prosecutors of "terrorist" ties to the Islamist Gulen movement, which has been blamed for a failed coup in July 2016.
It said: "The downgrade reflects our expectation that the extreme volatility of the Turkish lira and the resulting projected sharp balance of payments adjustment will undermine Turkey's economy".
Turkey rejected a USA appeal calling for the release of an imprisoned American pastor, but an upper court still needs to rule on that appeal.
The President had strong words for Turkey as he addressed reporters at the White House.
Elmira Bayrasli, who teaches global affairs with a focus on Turkey at Bard College, said that Erdogan is improving relations with Europe to increase confidence in the Turkish market.
Turkish lira resumes fall after Trump sanctions threat
The Turkish lira on Friday resumed a downward fall after rebounding slightly from historic lows over the last three sessions. He said Turkey has no plans to ask for International Monetary Fund for support with the falling lira.
President Donald Trump last week ramped up his attack on Turkey by doubling U.S. tariffs on Turkish aluminum and steel imports.
Turkey, meanwhile, has been busy seeking other alliances, including with China, Russia, Iran, and a wide range of other emerging countries, all of which Ankara sees as potential substitutes for its deteriorating relationship with the USA and North Atlantic Treaty Organisation.
"Turkey would do well not to test @POTUS Trump's resolve to see Americans who are wrongfully imprisoned in foreign lands returned home to the United States", Pence tweeted.
The selling has also deepened concerns about the broader economy, particularly Turkey's dependence on energy imports and whether foreign-currency debt poses a risk to banks.
"Turkey has taken advantage of the United States for many years".
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