President Donald Trump said Oct. 23 that the U.S. will lift all sanctions it imposed against Turkey, which has vowed to stop its military offensive in northeastern Syria and achieve a "permanent" ceasefire.
Trump ordered Treasury Secretary Steven Mnuchin to withdraw the sanctions put in place Oct. 14 targeting Turkey's defense and energy ministries as well as their chiefs and the country's interior minister. Other economic actions made against Turkey that day include an increase in tariffs on Turkish steel imports from 25% to 50%, as well as the suspension of a bilateral trade deal worth $100 billion.
"The sanctions will be lifted unless something happens that we're not happy with," Trump said in a speech at the White House, adding that countries in the region "must ultimately take on the responsibility" of helping Turkey and Syria secure their border.
The Turkish lira climbed more than 1.30% following Trump's announcement.
Trump warned that the U.S. could reimpose "crippling" sanctions such as tariffs on Turkish steel and other exports if Turkey fails to uphold the ceasefire.
Turkey had earlier agreed on Oct. 17 to a five-day pause in its military offensive against Kurdish armed groups in northeastern Syria. That ceasefire was negotiated by a U.S. delegation led by Vice President Mike Pence.
Several EU member states and the U.K. had stopped arms exports to Turkey in response to its military action in Syria.