Donald Trump to reimpose the stringent sanctions on Iran

U.S. President Donald Trump speaks to reporters after signing a proclamation declaring his intention to withdraw from the JCPOA Iran nuclear agreement in the Diplomatic Room at the White House in Washington, U.S. May 8, 2018. REUTERS/Jonathan Ernst

Vastavam web: With President Donald Trump junking the landmark nuclear deal with Iran, the US will now reimpose the stringent sanctions it placed on Tehran before the 2015 agreement and is considering new penalties, the US media reported today.Trump yesterday argued that the deal struck by the previous Obama administration and world powers was “defective at its core” and that he would pull out and reimpose sanctions on Iran, the world’s fifth-biggest oil producer.

The US will now reinstate all the sanctions it had waived as part of the nuclear accord, and it will impose additional economic penalties that are now being drawn up by the Treasury Department, The New York Times reported.”We do not want to let Iran use the US financial markets and financial system and transact in dollars until they agree that not only will they not have a nuclear weapon now, but we’ve put in provisions that they will never have one,” Mnuchin said.

He said the sanctions would target industries mentioned in the deal, including Iran’s oil sector, aircraft manufacturers exporting to Iran and Iranian government attempts to buy US dollar banknotes.”My expectation is not that oil prices go higher,” he said. “To a certain extent, some of this was already in the market on oil prices,” he added.

Iran ramped up its oil production by one million barrels per day after sanctions were lifted in early 2016. At least some of that oil will now be pulled from the market at a time when oil prices are already rising because of production cuts by the Organization of the Petroleum Exporting Countries (OPEC) and Russia as well as instability in Venezuela, CNN Money reported.To many of president Trump’s 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.

Trump’s interpretation of US strategic interests has also led to withdrawal from major international climate and trade accords, the paper said, noting that many have expressed concern about the lack of a visible plan.In the past, Trump has sometimes said that the Europeans cared only about making money in Iran. In their many conversations with Trump about Iran this year, the Europeans asked him to avoid damaging their own investments there, even if he decided that the United States was out of the deal, the Post reported.US National Security Adviser John Bolton is reported as saying that European companies doing business in Iran will have to stop doing so within six months or face US sanctions.