Following President Donald Trump's scrapping of the Iran nuclear deal Tuesday and his imposition of what he called "powerful" sanctions, Boeing's prospective sale to Iran of jets worth $9.5 billion is effectively dead for the foreseeable future.
Trump also said that he would reinstate U.S. nuclear sanctions on Iran and impose "the highest level" of economic bans on the Islamic Republic. Firstly, it means that the U.S. now plans to reimpose sanctions on Iran, meaning that business between the two countries could grind to a halt.
French Finance Minister Bruno Le Maire said he hoped to meet with US Treasury Secretary Steve Mnuchin by the end of the week to discuss ways to soften the blow. The sanctions on oil will require European and Asian countries to reduce their imports from Iran, the paper said.
When the United States decides to throw its weight about, non-US countries and companies can get hurt.
The value of trade between the European Union and Iran has soared from $9.2 billion in 2015 to $16.4 billion in 2016 after the deal was signed.
"My expectation is not that oil prices go higher", he said.
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Iran ramped up its oil production by one million barrels per day after sanctions were lifted in early 2016.
"He proposed no new strategy".
To many of president Trumps critics, including some in both parties and the European leaders who spent the past several months trying to address his concerns, there is no Plan B, it said. And what Trump is doing is just that; making common Iranians bitter at America.
President Trump has called the deal "defective at its core", claiming that it is not enough to prevent the creation of an Iranian nuclear bomb, despite the reduction of Iran's uranium stockpile by 98% and mandatory access for independent worldwide bodies to inspect nuclear facilities. Unless the European Union finds a way to keep this deal alive without ruining its own company's business with the U.S., that could go straight back down again. Some exemptions are due to be negotiated but it is not yet clear what, the BBC reported. It has delivered three planes so far, the first new aircraft acquired by Iran in 23 years, the Post reported.
Aerospace companies had been perhaps the biggest beneficiary of the Iran nuclear accord, which recognised the need for Iran to modernise its aircraft fleet.
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