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US imposes tough penalties on Turkey
24-10-2019 13:14
US imposes tough penalties on Turkey
US imposes tough penalties on Turkey

Donald Trump has signed an executive order to slap a series of sanctions on Turkey. The package includes all types of sanctions which target top Turkey’s officials, hike tariffs on steel imports up to 50%, and even terminate immediately the trade talks with Ankara. Interestingly, President Recep Tayyip Erdogan has evaded comments on the notification from the US leader. Nevertheless, the package of restrictions is sure to deliver a devastating blow to Turkey’s economy. “This Order will enable the United States to impose powerful additional sanctions on those who may be involved in serious human rights abuses, obstructing a ceasefire, preventing displaced persons from returning home, forcibly repatriating refugees, or threatening the peace, security, or stability in Syria,” Donald Trump tweeted. The President calls the sanctions retaliatory measures in response to Ankara’s request to withdraw the US troops from Syria’s northern border with Turkey. The White House declares that Turkey’s clashes with the Kurds spark off the humanitarian crisis and threatens the safety of civilians, including religious and ethnic minorities. “The United States will aggressively use economic sanctions to target those who enable, facilitate, and finance these heinous acts in Syria,” Trump’s statement reads. “I am fully prepared to swiftly destroy Turkey’s economy if Turkish leaders continue down this dangerous and destructive path.”  

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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