The heads of the American Turkish Council and Turkey-US Business Council, which represent 250 companies, explained that the ongoing political dispute between the two nations was heavily affecting investor confidence.
Mehmet Ali Yalçindağ, chairman of the Turkey-US Business Council, said: “Only the two presidents can put this relationship back on track.
“We need to end this before it strains and permanently damages the relationship.”
Howard Beasley, president and CEO of the American Turkish Council, claimed a $300million (£232million) merger and acquisition deal by a Turkish firm in the US was suspended over political uncertainty last week.
Another Turkish firm said it was reconsidering its plans to produce steel products in the US after President Trump imposed steel and aluminium tariffs on Turkish imports earlier this month.
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Mr Beasley said: “That is all at risk right now, not because they don’t still see opportunity, but because they just don’t know where the political relationship is going to go.”
He added: “The United States is using its economic strength in a dangerous way for political gain and we don’t agree with the use of sanctions for that reason.
“We can see direct impacts already.”
President Trump imposed heavy tariffs on Turkish steel and aluminium imports earlier this month in response to the ongoing incarceration of the US evangelical pastor, Andrew Brunson, who is charged with espionage and terrorism allegations following the failed 2016 coup d’état attempt.
President Erdogan described US sanctions as an “economic siege” and an “attack against our country”.
The Turkish leader also vowed to respond defiantly to President Trump’s threats in a speech in the Black Sea city of Trabzon earlier this month.
He said: “I want them to know that we will not surrender. We will keep producing and we will keep increasing exports.
“We will not give in, if you come at us with your dollars then we will find other ways to do business.
“The US is sacrificing its 81-million strong ally Turkey for a pastor with links to terrorists.”
The Turkish economy has nevertheless suffered in the wake of the diplomatic row, with the Turkish lira losing nearly 40 percent against the US dollar since the start of the year.
Turkey’s inflation rate has also hit 15 percent, causing financial experts to worry the country could soon experience a full-scale economic collapse.
Agathe Demarais, principal economist at The Economist Intelligence Unit, commented on the situation, stating: “With an overheated and indebted economy, Turkey will require credibly orthodox economic policies, fiscal discipline and central bank independence to reverse the current situation.
“A normalisation of relations with the US could also reduce the amount of legwork that the central bank will have to do to control the economic situation, but this is unlikely to happen at the moment.”