Specific details about the sanctions were unclear but Trump said on Twitter, "Treasury is ready to go, additional legislation may be sought. There is great consensus on this. Turkey has asked that it not be done. Stay tuned!"
Reuters, citing an unnamed U.S. official, reported that the measures were being “worked out at all levels of the government for rollout.”
Last week, Trump vowed to obliterate Ankara’s economy if Turkey did anything in Syria that he considered "off limits."
Over the past five days, Turkish troops and their allies have pushed their way into northern towns and villages, clashing with the Kurdish fighters over a stretch of 125 miles. The offensive has displaced at least 130,000 people.
On Sunday, at least nine people, including five civilians, were killed in Turkish airstrikes on a convoy in the Syrian border town of Ras al-Ayn, according to the Syrian Observatory for Human Rights and Syrian Kurdish officials.
The New York Times reported that the troop advancement was so fast, they seized a road that complicated the U.S. troop pullout.
Trump has faced criticism over his decision to give Turkey a green light for the offensive. Critics said the U.S. abandoned its Kurdish allies that were credited for their actions to defeat ISIS. Trump has insisted that he wants to pull U.S. troops out of endless wars.
Trump was criticized by Sen. Lindsey Graham, R-S.C., for his initial decision, but was praised Sunday night for working with Congress “to impose crippling sanctions against Turkeys (sic) outrageous aggression/war crimes in Syria.”
The Associated Press contributed to this report