Treasury Secretary Steven Mnuchin said on Monday morning that sanctions against Turkey are ready and that he is waiting for a decision from President Trump following the nation's encroachment into northern Syria after U.S. troops withdrew.
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Trump will be briefed on sanctioning Turkey today, Mnuchin told reporters after a television appearance.
"As I've said, the sanctions are ready to go," he said. "We'll be updating the president this morning, and then when he makes the decision, we'll activate."
"This is an evolving situation," Mnuchin said. "We're monitoring the situation carefully ."
Trump said on Sunday that he and members of Congress are working to punish Turkey economically.
"Dealing with [Sen. Lindsey Graham] and many members of Congress, including Democrats, about imposing powerful Sanctions on Turkey," Trump wrote on Twitter on Sunday. "Treasury is ready to go, additional legislation may be sought. There is great consensus on this. Turkey has asked that it not be done. Stay tuned!"
The United Nations says at least 130,000 people have been displaced by the fighting in northeastern Syria. The Kurdish-led administration in northern Syria said in a statement that 950 ISIS supporters escaped from a camp for displaced people amid the fighting.
Trump gave his administration the power to place "significant" sanctions on Turkey, Mnuchin said on Friday.
Trump had said last week he would "obliterate" Turkey's economy, if necessary, after his decision to withdraw troops from Syria.