President Donald Trump has given his administration broad authority to slap sanctions on Turkey, Treasury Secretary Steven Mnuchin said Friday.

Trump signed an executive order authorizing the powers, though the administration will not move yet to punish Turkish individuals or entities after the country's offensive in northern Syria. Still, Mnuchin threatened devastating actions in the wake of Turkish strikes that the U.S. has condemned.

"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," the Treasury chief told reporters.

Numerous members of Congress, including some of Trump's top Republican allies, have criticized the Turkish offensive that started earlier this week, saying it will lead to the slaughter of U.S.-allied Kurdish forces. The strikes followed the president's decision to pull troops out of northern Syria.