Chinese Car Makers Poised to Fill Gap in Iranian Market as US Sanctions Bite
China appears poised to fill the gap in Iran left by French automakers who closed their Iranian operations before the reimposition of U.S. sanctions on Tehran. The Chinese move could open yet another dispute between Washington and Beijing, adding to the acrimony between the two, which are locked in an escalating trade dispute. European automakers French automaker Renault, which had an eight percent share of the Iranian automotive market, the 12th largest in the World, announced last month that it would join more than 100 international companies that have pulled out of Iran to comply with U.S. sanctions, reimposed beginning Tuesday, despite the fact Renault has no operations in the United States. Peugeot announced its departure in June, it had a 34 percent market share in Iran, selling about 500,000 cars a year. German automaker Daimler has also announced it has "suspended [its] activities in Iran, which were anyway very limited, until further notice according to applicable sanctions.” President Trump's decision in May to withdraw from the 2015 nuclear deal, signed by his predecessor Barack Obama, in which Tehran agreed to nuclear curbs in return for sanctions relief, has paved the way for the restoration of unilateral American economic penalties on Iran beginning Tuesday. The U.S. sanctions come in two phases, the next phase kicks in on November 4. While ratcheting up pressure on Tehran, the sanctions are worsening rifts with European allies and other world powers. First phase sanctions The first phase of U.S. sanctions prohibit any transactions with Iran involving dollar bank notes, gold, precious metals, aluminum, steel, commercial passenger aircraft, shipping and Iranian seaports. The Trump administration blames Iran for fomenting instability in the Middle East and encouraging terrorism. In a statement, Monday Trump repeated his description of the 2015 nuclear deal as a “horrible, one sided”... If you wish to read this full breaking news headline, plus more articles from around Thailand and Asia like, Chinese Car Makers Poised to Fill Gap in Iranian Market as US Sanctions Bite, simply click on 'Read full story' below, but 1st please give us a 'LIKE' or 'SHARE' before you leave. Thank you
Published By: VOA NEWS - Tuesday, 7 August, 2018
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