Treasury Secretary: Trump Authorized Shutting Down Turkey’s Economy
Trump executive order designed to shut down entire Turkish economy
Jason Ditz
According to Treasury Secretary Steven Mnuchin, President Trump has signed an executive order authorizing him to take broad action against Turkey over the ongoing invasion of northern Syria, if the administration decides to do so.
“These are very powerful sanctions,” Mnuchin told reporters, adding that “we can shut down the Turkish economy if we need to.” So far, there have been no decisions made to actually attempt this.
Though US officials, and particularly the Trump Administration, highly esteems its ability to impose its economic will worldwide, it’s not at all clear that US sanctions could even hypothetically shut down Turkey’s economy.
While the US has greatly damaged the economies of nations like Iran with generations of ever-escalating sanctions, immediate and overwhelming action is something else entirely. Turkey has the world’s 20th largest economy, and is a major hub for the global oil and gas trade. Threats aside, there is no practical way to cut Turkey off from global trade.
“These are very powerful sanctions,” Mnuchin told reporters, adding that “we can shut down the Turkish economy if we need to.” So far, there have been no decisions made to actually attempt this.
Though US officials, and particularly the Trump Administration, highly esteems its ability to impose its economic will worldwide, it’s not at all clear that US sanctions could even hypothetically shut down Turkey’s economy.
While the US has greatly damaged the economies of nations like Iran with generations of ever-escalating sanctions, immediate and overwhelming action is something else entirely. Turkey has the world’s 20th largest economy, and is a major hub for the global oil and gas trade. Threats aside, there is no practical way to cut Turkey off from global trade.
posted by Satish Sharma at
09:55
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