Trump halts trade negotiations with Turkey

Trump halts trade negotiations with Turkey
President Donald Trump signed an executive order sanctioning Turkish officials, hiking tariffs on Turkish steel up to 50% and “immediately” halting trade negotiations with the country, Vice President Mike Pence confirmed Monday (October 14).

Trump had announced the order in a lengthy statement posted to Twitter earlier Monday afternoon.

The retaliatory measures followed Trump’s decision to order the withdrawal of all US troops from Syria’s northern border with Turkey, which has enabled Turkish forces to launch an offensive against the US-allied Kurdish militias in Syria.

In a statement, Trump said he had increased tariffs on imports of Turkish steel back up to 50 percent, six months after they were reduced, and would immediately stop negotiations on what he called a $100 billion trade deal with Turkey.

Treasury Secretary Steven Mnuchin said the United States had imposed sanctions on Turkey’s ministers of defense, interior and energy, as well as their departments.

As Congress has vowed to act if he will not, Trump made clear he had no plans to reverse his decision to withdraw.

“As I have said, I am withdrawing the remaining United States service members from northeast Syria,” said Trump.

US troops coming out of Syria will stay in the region to monitor ISIS and a small footprint will remain at the Tanf base in southern Syria, he said.

The White House announced Oct. 6, following a call between Trump and Turkish President Recep Tayyip Erdogan, that it would pull US troops out of the area.

Based on Reuters, CNBC

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