Trump warns Iran of 'severe consequence' if nuclear work resumes

13 May, 2018, 01:38 | Author: Orlando Hughes
  • India Braces for Oil Blowback as Trump Set to Announce Decision on Iran Deal

President Donald Trump's decision to take the US out of the Iran nuclear deal is hitting investors (and gasoline-buying Americans) where it hurts - the oil market.

"A constructive deal could easily have been struck [in 2015], but it wasn't", said President Trump in his speech on Tuesday announcing American withdrawal from the nuclear agreement with Iran. What a pity the European signatories didn't think about how they might try to accommodate some of Trump's quite reasonable concerns about flaws in the agreement.

Despite Mr Trump's caution, Mr Parker said New Zealand's government was unchanged over their position on the nuclear agreement with Iran. They prefer a tougher approach, the kind Trump is taking. Both tried to change Trump's mind on Iran during visits to the White House in April, and both failed.

Accepting negotiations on its missiles and regional influence would mean Iran has to make endless concessions, he said.

Trump's decision to pull out of the deal is likely to have global repercussions which may include the isolation on the U.S. on the global stage and a furthering of the crisis in the Middle East.

British Foreign Secretary Boris Johnson told his Parliament that Britain will continue to respect the deal as long as global inspectors can verify Iran's compliance.

For the past 16 months, Opec, Russia and other allies have been constraining output to eliminate a global glut. Iran can decide its minimum price from Europe in order to stay in the deal.

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The decision overturned years of painstaking diplomacy and left European allies scrambling to save the hard-fought deal.

The deal came together after years of painstaking work and worldwide collaboration - first in developing a united front of crippling sanctions against the Iranian regime to bring the nation to the bargaining table, then years of multilateral negotiations with Iran, the European Union, China and Russian Federation.

"China is the largest commodity producer in the world and the largest commodity consumer in the world, so it would make sense that Chinese futures that are close to the areas of supply and demand would be a more natural benchmark than the USA markets", said Marwan Younes, founder and chief investment officer of Massar Capital Management in NY.

Dennis Ross, a former Middle East envoy under both Democratic and Republican presidents, says the provision was created to allow the United States to single-handedly force the reimposition of U.N. sanctions even if other countries on the Security Council disagreed, Ross says. The U.K., France, Germany, Russia and China would continue to refrain from sanctioning Iran's economy for its nuclear activities. "We're all backed by European banks who are not going to provide any financing for trades with Iran, even if we wanted to". That tells you all you need to know about the agreement.

Even before Trump's Tuesday announcement, Western businesses had been reluctant to take the plunge into a country still subject to multiple curbs imposed by Washington. In other European capitals, senior politicians and diplomats were uttering similar remarks. Other Israelis disagree: 26 former senior military and security Israeli officials published a joint letter warning that US "abandonment of the agreement would undermine not just the deal, but Israel's security as well".

"We realized we have to buy time".

Sanctions have been largely formed, and we will see what happens, Trump said.



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