German Automaker Daimler Halts Deal With Iran Following U.S. Sanctions… #TopNews

While European countries criticized the move by Trump to exit the Iran deal, the challenge for their domestic businesses is to weigh the potential loss of American business against deals with Iran that are minuscule by comparison.

U.S. Ambassador Richard Grenell has been meeting with numerous CEO’s within Germany to inform them: “either do business with Iran or the U.S., but not both.”

(Bloomberg) — U.S. President Donald Trump’s desire to isolate the Iranian economy seems to be working.

Within hours of Washington unveiling its first round of sanctions, German carmaker Daimler AG froze a plan to make Mercedes Benz trucks in Iran. That’s even after the European Union tried to salvage the Iran nuclear deal by pledging to protect firms from Trump’s assault.

“I wouldn’t be surprised if more companies were to follow Daimler out of Iran,” said Frank Biller, a automobile analyst based Stuttgart, Germany for Landesbank Baden-Wuerttemberg. “With the political situation right now, I’m sure a lot of companies are at least thinking about suspending their activities.” (more)

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