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EU TO Defend Firms Against US Iran Sanctions - Macron

EU TO Defend Firms Against US Iran Sanctions - Macron

Under Trump, the USA has walked out of the global Paris climate deal, is threatening to impose punitive tariffs based on national security on an ally like the European Union, and has stirred Middle East politics by pulling out of the Iran nuclear deal and moving the US embassy in Israel to Jerusalem.

The European Union and Iran have launched a vigorous campaign to safeguard the 2015 nuclear deal that the USA has recently ditched by trying to keep Iran's oil and investment flowing. It is precisely because of its economic hegemony that the USA can arbitrarily impose unilateral sanctions on Iran. "The condition for all talks is to lift all threats and tariffs, without mention of a time limit".

Tusk's public comments on Wednesday also touched on the new USA tariffs on steel and aluminum that are set to bite on June 1 unless Trump grants a reprieve.

The US allies have been put on notice that they may also suffer the consequences of the new sanctions against Iran, should they continue to trade with her. Turkey, a North Atlantic Treaty Organisation ally, which had been superheating its economic relations with Iran to bring the trade between the two countries from the present $9.7 billion to $30 billion, will be first to suffer from the US actions.

It was also ready to "improve reciprocal market access, for industrial products, including amongst others cars, and liberalisation of public procurement".

French President Emmanuel Macron said Thursday that one reason for the efforts to prop up the Iran deal is "so that our businesses can remain" in Iran.

"We must never take these long-held allies for granted", he told to graduates of the Virginia Military Institute, in an apparent reference to Trump overruling the advice of his former top diplomat and others over Iran and threatening import tariffs. The more time it takes to produce tangible results in rescuing the accord, the greater will be the impatience of the hardliners in Iran, who say the country's centrist-pragmatic President Hassan Rouhani should never have trusted the U.S. enough in the first place to sign the JCPOA in late 2015.

Despite pressure from Washington, Macron insisted European countries are committed to the deal with Iran.

The EU has discussed instituting a so-called blocking statute, which would shield European companies doing business with Iran. "We're not going to take counter-sanctions against United States companies, it wouldn't make sense". These measures will officially become enforceable next month, but Europeans have committed for now not to use them as talks with the U.S. are still ongoing, in fear of sparking a trade war.

"I don't think we have to consider this or that, when it contravenes the laws of worldwide trade", Macron said.

This would be a massive blow to the Iranian Regime, who have heralded the 2017 Total deal as a sign that the accord was working in their favour.

Valdis Dombrovskis, the commissioner in charge of financial-services policy, told lawmakers in Brussels that any blocking regulation could be "of limited effectiveness" given the worldwide nature of the banking system, especially the exposure of large systemic banks to the U.S. financial system.

German Chancellor Angela Merkel addresses the media at an European Union and Western Balkan heads of state summit at the National Palace of Culture, in Sofia, Bulgaria, Thursday, May 17, 2018.

"Trump despises weaklings", EU Budget Commissioner Guenther Oettinger said on Germany's Deutschlandfunk radio.

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