Market News
Trump halts trade negotiations with Turkey, raises steel tariffs to 50%
As promised, President Trump has authorized economic sanctions against Turkey.
In a lengthy Tweet on Monday, Trump revealed an executive order that includes the suspension of negotiations on a 100 billion dollar trade deal with Turkey as well as tariffs of up to 50 percent on Turkish steel.
Trump stated that the order will enable the U.S. to impose powerful additional sanctions on those who may be involved in serious human rights abuses and those who obstruct a ceasefire.
Condemning Turkey's military actions in Syria, EU member states also pledged to suspend weapons exports to Turkey at a meeting of the bloc's foreign ministers in Luxembourg.
In addition, all U.S. forces will now evacuate northern Syria.
AFP reported Monday that according to a U.S. official, the troops are "executing the order" from the Pentagon.
The decision, which came just a day after President Trump ordered the withdrawal of up to one-thousand American troops, will leave behind just a small contingent of 150 troops in a southern Syria base.
Meanwhile, Syrian forces, following the orders of Syrian President Bashar al-Assad, entered the northern Kurdish-held town of Manbij on Monday, local time.
According to Syria's state-run SANA news agency, this came just hours after the Turkish-backed opposition fighters known as the Free Syrian Army declared their advance on the city.
Manbij currently houses U.S. troops.
This also marks the first time in seven years that Syrian forces have returned to the northeastern region, and clashes between Syrian forces and the Free Syrian Army seem inevitable.