EU preparing workaround for Iran sanctions - Trump promises to help Chinese telecoms firm TZE - Farm subsidies threatened as EU thrashes out budget
The US said it would impose "unprecedented financial pressure on Iran." The refusal to grant EU businesses an exemption for Iran sanctions pushes Europe and the US further down a collision course over ties to Tehran.
At a time of heightened uncertainty in the global economic environment, leaders of Europe and China are meeting to ponder ways to counter the fallout from US President Trump's "America First" policies.
The EU has been leading the efforts to salvage the nuclear deal with Iran following the US withdrawal from the international agreement. But the threat of imminent US sanctions is already having an impact on Iranians.
US Commerce Secretary Wilbur Ross has announced that the Chinese telecoms equipment maker has signed a definitive agreement to pay more than one billion dollars in fines in exchange for the removal of US sanctions.
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