'They don't hesitate to use the economy as a weapon, ' he said.
"What you want to see is tight monetary policy, a tight fiscal policy and a recognition that there might be some short-term economic pain - but without it there's just no credibility of promises to restabilise things", said Craig Botham, Emerging Markets Economist at Schroders.
Data showed the region's largest economy, Germany, picked up more steam than expected in Q2, although the bounce might have been stronger had surveys from China not proved softer than expected.
In a direct threat against the White House, Erdoğan warned United States president Trump, who signed off the sanctions, of unspecified consequences for punishing Turkey.
"Aluminium will now be 20 percent and Steel 50 percent".
The Trump administration doubled tariffs on Turkish steel and aluminum imports last week and hit two of the country's ministers with financial sanctions late last month over Turkey's detainment of an American pastor.
China's economy is showing further signs of cooling as the US prepares to impose even tougher trade tariffs.
"You act on one side as a strategic partner but on the other you fire bullets into the foot of your strategic partner", Erdogan told a conference in the capital Ankara.
Arsenal without four senior players for Premier League opener against Man City
Both strikers raked in a combined 12 goals during Arsenal's pre-season campaign and Emery will be keen to keep the momentum flowing.
"The attempts by Turkey to halt the demise of the lira and the country's soaring bond yields have proven inadequate thus far", said David Cheetham, chief market analyst at XTB. "We will make those spreading speculations pay the necessary price".
Turkey has weathered several tough economic crises over the decades.
Turkish Foreign Minister Mevlut Cavusoglu told reporters that the top US diplomat in Turkey would visit Brunson later Tuesday. "Whatever we pay for from overseas, we will do here", he said. If the United States failed to change course, he continued, Turkey would "start looking for new friends and allies".
"We are open to diplomacy and consensus but it is not possible to accept any imposition", Cavusoglu said.
"We are together in North Atlantic Treaty Organisation and then you seek to stab your strategic partner in the back".
Cagaptay said Washington had an "arsenal of economic sanctions" ready to deploy against Turkey, which he believed US President Donald Trump would escalate until Brunson is released. Ties between the two North Atlantic Treaty Organisation allies have also nosedived over USA support for Syrian Kurdish forces, Ankara's plans to buy a Russian missile system and Turkey's demand that Washington extradite US-based Islamic cleric Fethullah Gulen, whom Erdogan blames for the failed July 2016 coup bid. He called on the Turkish ambassadors to continue working in "a spirit of mobilisation" and urged them to work more efficiently and in much more result oriented way in the new period.
USA national security adviser John Bolton on Monday met Turkey's ambassador to the United States to discuss Brunson's detention.
According to a statement released by White House Press Secretary Sarah Huckabee Sanders, the meeting focused on Brunson.