U.S. sanctions on Turkey over its Syrian military offensive are being dismissed by the political leadership in Ankara, as financial markets shrug off the measures.

Sanctions were announced against Turkish officials on Monday as negotiations on a $100 billion trade deal ended. While a tariff on Turkish steel was doubled to 50%, U.S. Vice President Mike Pence said the measures would remain until Turkey declared a cease-fire with the Syrian Kurdish militia, the YPG.

Last week, Turkish forces launched a major military attack into Syria against the YPG, considered by Ankara to be linked to terrorism inside Turkey. The YPG has been a U.S. ally in the fight against the Islamic State terror group.

With over 100,000 people displaced by the fighting, and fears mounting that the operation is opening the door to a resurgence of the Islamic State group, international condemnation continues to grow.

Turkish President Recep Tayyip Erdogan dismissed the Trump administration's measures.

Trump's sanctions are seen as at least postponing, if not averting, more stringent measures against Turkey. Republican Senator Lindsey Graham and Democratic Senator Chris Van Hollen are proposing legislation targeting Turkey's energy and military sectors, along with other financial measures.

Graham has indicated he is ready to wait to see if Trump's measures will be effective. Analysts suggest, at least for now, that Turkey has had a narrow escape.

Source : VOA