Israel will abolish its free trade agreement with Turkey and also impose a 100% tariff on other imports from Turkey in retaliation for Turkish President Tayyip Erdogan’s decision to halt exports to Israel, Finance Minister Bezalel Smotrich said on Thursday.

The plan, he said, would be submitted to the cabinet for approval.

On May 3, Turkey said it was stopping exports to Israel, citing the “worsening humanitarian tragedy” in Gaza. But the Turkish Trade Ministry has said that companies have three months to fulfill existing orders via third countries.

“[Erdogan’s] announcement of the stoppage of imports to Israel constitutes a declaration of an economic boycott and a serious violation of international trade agreements to which Turkey has committed,” Smotrich said in a statement.

He noted that Israel’s actions would only last as long as Erdogan remained in power. Erdogan stated in March he would not seek reelection when his term ends in 2028.

Smotrich added, “If, at the end of Erdogan’s term, the citizens of Turkey elect a leader who is sane and not a hater of Israel, it would be possible to return the trade route with Turkey.”

Under Smotrich’s plan, all the reduced customs rates applicable to goods imported from Turkey to Israel according to the free trade deal would be abolished. At the same time, a duty would be imposed on any product imported from Turkey to Israel at a rate of 100% of the value of the goods in addition to the existing duty rate.

The finance, economy and foreign ministries, the statement said, would also take steps to strengthen Israel’s manufacturing while diversifying sources of import to reduce the dependency on Turkey.

Israel’s Manufacturers’ Association called Smotrich’s plan “an appropriate response” for not allowing Erdogan to damage the economy without a response.