Trump announces sanctions on Iran’s steel, aluminum and copper sectors

Thursday, 09 May 2019 12:01:21 (GMT+3)   |   Istanbul

On Wednesday, May 8, US President Donald Trump announced sanctions against Iran’s steel, aluminum and copper sectors. In his statement, Trump stated “One year ago, I dramatically strengthened our national security by ceasing America’s participation in the horrible, one-sided Iran nuclear deal. Today, I am signing an executive order to impose sanctions with respect to Iran’s iron, steel, aluminum, and copper sectors, the regime’s largest non-petroleum-related sources of export revenue.”

Trump stated that, as a result of imposing sanctions, the Iranian regime is struggling to fund its “campaign of terror”, as its economy heads into an unprecedented depression, government revenue dries up, and inflation spirals out of control. “We are successfully imposing the most powerful maximum pressure campaign,” he added.

In his statement, Trump also underlined that his action is also to put other nations on notice that allowing Iranian steel and other metals into their ports will no longer be tolerated. Export of steel, aluminum and copper account for a 10 percent share in Iran’s export revenues.

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