TEHRAN, Iran — President Trump announced he is reimposing all sanctions on Iran that had been lifted under the nuclear deal. Eight countries will be allowed to continue buying Iran's oil. But the new measures are expected to hit Iranians hard. CBS News met with Reza Eidiyuon, who uses his family's car as his taxi. He, like everybody else in Tehran, is worried about the U.S. sanctions. The government has made sure basic services like trash collection are working normally, and it's kept gas prices low at about 90 cents a gallon. But prices in general have skyrocketed. Eidiyuon said that's for "cheese, for butter, for jam, for meat, for chicken, everything." The first round of U.S. sanctions sent Iran's currency into free fall, and last month, inflation topped 30 percent. Now, one butcher named Mohammed said his poorest customers can't afford his meat, so he gives them a deal. The White House may be betting hardship will provoke the kind of anti-government uprisings that … [Read more...] about New U.S. sanctions are expected to hit Iranians hard
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BEIJING/WASHINGTON (Reuters) - China said on Tuesday that it has no choice but to retaliate against new U.S. trade tariffs, raising the risk that President Donald Trump could soon impose duties on virtually all of the Chinese goods that America buys. The commerce ministry’s statement came hours after Trump said he was imposing 10 percent tariffs on about $200 billion worth of imports from China, and threatened duties on about $267 billion more if China retaliated against the U.S. action. The brief statement gave no details on China’s plans, but Foreign Ministry spokesman Geng Shuang told a daily news briefing later that the U.S. steps had brought “new uncertainty” to talks between the two countries. “China has always emphasized that the only correct way to resolve the China-U.S. trade issue is via talks and consultations held on an equal, sincere and mutually respectful basis. But at this time, everything the United States does does not give the … [Read more...] about China says Trump forces its hand, will retaliate against new U.S….
Grant Smith and Tsuyoshi Inajima, Bloomberg 5:11 am CDT, Wednesday, August 22, 2018 Photo: Mark Mulligan, Houston Chronicle Image 1of/1 CaptionClose Image 1 of 1 Oil storage tanks line the Port of Corpus Chrisit, Wednesday, March 7, 2018. ( Mark Mulligan / Houston Chronicle ) Oil storage tanks line the Port of Corpus Chrisit, Wednesday, March 7, 2018. ( Mark Mulligan / Houston Chronicle ) Photo: Mark Mulligan, Houston Chronicle Oil rises from one-week high as data show U.S. stockpile decline 1 / 1 Back to Gallery Oil rose from the highest in more than a week in New York after an industry group reported a steep drop in U.S. crude stockpiles. Futures for October added as much as 1.3 percent after settling Tuesday at the highest since Aug. 10. Inventories fell by 5.17 million barrels last week, the American … [Read more...] about Oil rises from one-week high as data show U.S. stockpile decline
MOSCOW -- Russia warned Friday that if the U.S. followed through with threats to impose further harsh economic sanctions it would be seen as a "declaration of economic war." The warning by Prime Minister Dmitry Medvedev came after Washington unveiled a raft of new sanctions against Russia over its alleged use of the Novichok nerve agent against a former double agent which Britain has blamed on Moscow. The incident, which took place in a city in southern England in March, triggered a major diplomatic crisis despite Russia's denial of any role. The announcement of the sanctions prompted Russian stocks and the ruble to tumble on Thursday. "While I don't want to comment on the talk about future sanctions, I can say that if we end up with something like a ban on banking activities or the use of certain currencies, we can clearly call this a declaration of economic war," Medvedev was quoted as saying by the Interfax news agency. "And we must absolutely respond to this war. By economic means, … [Read more...] about New U.S. sanctions “declaration of economic war,” Russian PM says
PARIS -- France's finance minister says European countries should push back harder against the Trump administration over the Iran nuclear deal and not act as "vassals" to the U.S. But German Chancellor Angela Merkel says the U.S. withdrawal from the Iran accord isn't a reason to dump decades of trans-Atlantic ties altogether. The back and forth Friday came as thousands of Iranians took to the streets in cities across the country to protest President Trump's decision. European governments are scrambling for ways to save billions of dollars in trade that could collapse because of Mr. Trump's decision this week to re-impose sanctions. He argued that the 2015 nuclear deal, which allowed for the lifting of sanctions, wasn't tough enough on Iran. French Finance Minister Bruno Le Maire said on Europe-1 radio that Europe should not accept that the U.S. is the "world's economic policeman." "Do we want to be vassals who obey decisions taken by the United States while clinging to the hem of their … [Read more...] about France: Europe isn’t U.S. “vassal,” should trade with Iran