Trump's sanctions against Iran do not affect the United States but Europe

Trump made the worst decision for Europe, despite the leader's attempt to convince him not to give up on the agreement.

Large companies, in particular European, could lose billions of dollars by canceling trade agreements after the US decision to return sanctions to Iran, although the final impact is unclear due to the possibility of new negotiations and exemptions, experts say.

President Donald Trump's decision to withdraw the US from a nuclear deal with Iran and restore sanctions to that country means that companies around the world must suspend contracted deals with Iran or the US government can impose fines or sanctions.

Companies and countries that have trade agreements with Iran have between 90 and 180 days to complete these activities, depending on the areas and types of products covered by sanctions. Companies will also not be able to make new business.

Some exceptions can be negotiated, but the US has not specified which products and countries can be covered by these exceptions.

Since the conclusion of the nuclear agreement with Iran in 2015, many European companies have concluded trade agreements with that country, as Europe has traditionally stronger business and diplomatic ties with Iran from the United States.

Trump made the worst decision for Europe, despite the European leaders' attempt to convince him not to give up the agreement.

"US sanctions do not affect Iran almost any company from the United States, but primarily European," said former Swedish Prime Minister Carl Bildt.

Boeing's cooperation with Iran halted

US aircraft manufacturer Boeing has made major trade deals with Iran, and US Commerce Secretary Steven Mnuchin said jobs would be suspended.

Earlier today, Trump defended a decision to withdraw the US from a nuclear deal with Iranon at a meeting of his White House cabinet, saying that "chaos" and "death" are always where Iran is present, AP reports.

He, however, said he was open to negotiating a new agreement on Iran's nuclear program. "We will either achieve a really good deal for the world, or there will be no agreement," Trump said.

The US president said last night that the US withdrew from an international agreement with Iran and added that it would reintroduce sanctions for that country in the coming months.

• 10 May, 2018
• 1158 views