The Trump administration warns Turkey on Friday, October 11 that it could face new "powerful sanctions" that will "shut down the Turkish economy," if Ankara proceeds with its invasion against the Kurds in northern Syria.

Treasury Secretary Steven Mnuchin tells White House reporters that the Trump administration hopes it will not have to use the new sanctions that President Donald J. Trump has authorized.

[Steven Mnuchin, US Treasury Secretary]: "I just met with President Trump and he has authorized and will be signing a new executive order giving the Treasury Department in consultation with himself and Secretary (of State Mike) Pompeo very significant new sanctions authorities that can be targeted at any person associated with the government of Turkey, any portion of the government. This will be both primary sanctions and secondary sanctions that will be applicable.”

Mnuchin says President Trump is concerned about civilians, ethnic or religious minorities. He stresses that the sanctions have not been imposed yet.

[Steven Mnuchin, US Treasury Secretary]: “I want to emphasize at this point, we are not activating the sanctions. But as the president has said, he will provide very significant authorities, based upon the continuing efforts. So he will be signing this, they will be active. … We are putting financial institutions on notice that they should be careful and that there could be sanctions. There are no sanctions at this time but this will be the broadest executive authorities delegated to us."

Mnuchin hopes the Trump administration does not have to impose the sanctions because "These are very powerful sanctions. We hope we don't have to use them but we can shut down the Turkish economy if we need to."