Relations between the two countries have steadily worsened – compounded by differences on Syria policy and disagreements over the trial of US pastor Andrew Brunson in Turkey.
Following the trial, US sanctions targeted two top officials in the Turkish administration.
The sanctions, which were branded by Turkey as an “aggressive attitude that serves no purpose”, were imposed in response to the detention of Mr Brunson who is being tried by Ankara on espionage and terror-related charges.
A trade spat between Washington and Ankara sent Turkey’s lira currency into a rapid downward spiral resulting in it reaching record lows on Monday.
Over the weekend, the US Trade Representative said it was reviewing Turkey’s duty-free access to the US market, after Ankara imposed retaliatory tariffs on US goods in response to American tariffs on steel and aluminium.
The move could affect $1.7billion of Turkish exports.
On the US-imposed sanctions, Turkey’s foreign ministry said in a written statement on Thursday: “The decision, which disrespectfully intervenes in our judicial system, will seriously damage the constructive efforts made in order to resolve problems between the two countries.”
Promising to retaliate in-kind, Mevlut Cavusoglu, Turkey’s foreign minister, wrote on Twitter: “US attempts to impose sanctions on our two ministers will not go unanswered.”
On Tuesday, CNN Turk cited diplomatic sources saying that Ankara and Washington had reached pre-agreements on certain issues, but it did not elaborate.
The Turkish government was not immediately available for comment, and the US State Department did not respond to a request for comment, according to Reuters.
US President Donald Trump’s administration has demanded that Turkey release Mr Brunson, an evangelical pastor who has lived in Turkey for more than two decades and has been charged with being involved in the failed 2016 coup d’état attempt. Mr Brunson has denied the accusations.
Last week, Washington imposed sanctions on President Tayyip Erdoğan’s justice minister and interior minister, saying they played leading roles in organisations responsible for Brunson’s arrest.
Erdoğan said that Turkey would retaliate by freezing assets of the US interior and justice ministers in Turkey “if they have any”.
The Turkish currency, which has lost 27 percent of its value this year, fell some 5.5 percent to a record low of 5.4250 against the dollar on Monday, its biggest single-day drop in nearly 10 years.
The lira firmed as far as 5.2625 against the dollar after reports of the delegation going to Washington, and traded at 5.2672 at 10.38 GMT.