European businesses mull effect of Iran nuclear deal pullout
by Leigh Jones
Posted 5/09/18, 11:52 am
European companies are evaluating their options after U.S. President Donald Trump’s decision Tuesday to pull the United States out of the Iran nuclear accord. German multinational conglomorate Siemens and French airline manufacturer Airbus both said they would abide by reinstated U.S. sanctions against Iran but are waiting for more guidance on the specifics. U.S. Treasury Secretary Steven Mnuchin said he will revoke licenses held by Airbus and U.S.-based Boeing to sell jetliners to Iran but would negotiate certain exemptions. Beyond Boeing, the sanctions won’t have much effect on U.S. companies, but European businesses have established more of a presence in Iran since the 2015 accord went into effect. Trade between Germany and Iran totaled $4 billion in 2017. Leaders from Germany, France, Britain, and China criticized Trump’s decision but insisted the deal was not dead. They vowed to work with Iran to salvage the agreement, under which the Islamic Republic agreed to halt its nuclear program in exchange for lifted sanctions. Iranian leaders vowed to begin enriching uranium within weeks if the remaining nuclear accord signatories can’t reach an agreement. Hard-liners don’t want to wait. On Wednesday, Iranian lawmakers in parliament burned a paper U.S. flag and a paper representing the nuclear accord while shouting, “Death to America!”
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Leigh lives in Houston with her husband and daughter. She is WORLD Digital’s managing editor and reports on education for WORLD Magazine and WORLD Digital.