- President Donald Trump early Tuesday heralded the return of US sanctions on Iran and seemed to tie those sanctions to a push for “nothing less” than world peace.
- As of midnight, the US reimposed sanctions on Iran that cut access to US banking and hit precious-metal sales, the auto industry, and insurance of sovereign debt.
- Iran is in a tight spot as Trump hits the country with heavy sanctions that global markets are more or less getting in line with.
- Trump is pushing a summit on Iran, but that would play domestically in Iran as a humiliating defeat.
President Donald Trump heralded the return of US sanctions against Iran on Tuesday and seemed to tie those sanctions to a push for “nothing less” than world peace.
“The Iran sanctions have officially been cast,” Trump tweeted Tuesday morning. “These are the most biting sanctions ever imposed, and in November they ratchet up to yet another level. Anyone doing business with Iran will NOT be doing business with the United States. I am asking for WORLD PEACE, nothing less!”
The US reimposed sanctions on Iran as of midnight, cutting the country’s access to US banking. Other measures will affect precious-metal sales, its automotive industry, and its insurance of sovereign debt.
The European Union expressed regret that Trump had exited the US from the 2015 nuclear deal, while Iran said it was the US that would come to regret the decision.
European countries involved in the deal have sought to update “blocking regulations” to protect from US sanctions their companies that do business with Iran, but they’re an unproven method.
Critics of Trump’s withdrawal have said he has damaged the US’s reputation abroad and increased the probability of Iran building a nuclear weapon. Iran has remained in the deal despite the US exit.
The Iran deal includes “snapback” provisions, meaning that if a party violates the deal, there are contingencies for how to quickly reimpose sanctions.
For that reason, many businesses pondering investment in Iran already had plans to pull out when Trump, not Tehran, exited the deal, meaning the pullout was swift and damaging.
Iran stands in the midst of a currency crisis and has resorted to violent suppression of civilian protests across the country. Top political and military leaders in Iran have threatened military retaliation to Trump’s sanctions, but experts dismiss that as bluster.
Trump has pushed for talks with Iran’s leadership, though that could embarrass the theocratic leaders of the Islamic republic, who see themselves as holy warriors fighting US hegemony.
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