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Trump administration reinstates economic sanctions against Iran

NHK reported that President Trump signed an executive order to reinstate economic sanctions against Iran. The network said the first phase of the sanctions that ban deals with Iran in such sectors as autos, steel, and jewelry were invoked at about 1 p.m. on Tuesday Japan time. The network also said the Trump administration is set to cut Iran’s oil exports in the second phase and is calling on Japan and other nations to completely stop importing Iranian oil by November. Noting that the Revolutionary Guards held military exercises in the Persian Gulf last week and that Iran has warned that it will close the Strait of Hormuz, the network said if the tension between the U.S. and Iran rises and causes instability in the Middle East, it could affect the global economy, including oil prices.

 

Trade Minister Seko told reporters on Tuesday: “We will carefully analyze how this will impact Japanese corporations….Japan has been stressing its basic position of securing a stable supply of energy and not allowing this to have a negative impact on Japanese corporate activities. We will continue to tenaciously discuss the matter with the U.S.”

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