Trump said he would order sanctions against Turkey and raise steel tariffs to 50%

Yesterday, President trump said he would order sanctions against Turkish officials and raise steel tariffs to 50%. At the same time, the US $100 billion trade negotiations with Turkey that are currently under way have been terminated.

Trump said: I will soon issue an executive order authorizing sanctions against current and former officials of the Turkish government and anyone who has destabilized Turkey in northeastern Syria. At the same time, steel tariffs will be raised again to 50%, in line with the level before the may cut. The U.S. will also immediately stop negotiations on a $100 billion trade agreement with Turkey led by the U.S. Department of Commerce. The order will authorize a wide range of consequences, including financial sanctions, property closures and a ban on entry into the United States.

Market reaction
IShares MSCI Turkey ETF, which is listed in the US, fell 3.89% to $22.95, a new low since June 17. After trump threatened to impose tariffs on Turkish steel products, it fell to $22.94, the lowest level since June 17.

After the news, the Turkish Lira fell more than 0.7% against the US dollar, temporarily at 5.9271 lira.