Donald Trump pulls US from Iran nuclear deal, Obama says ‘serious mistake’

Agencies
May 9, 2018

Washington, May 9: President Donald Trump announced Tuesday the US will pull out of the landmark nuclear accord with Iran, declaring he’s making the world safer but dealing a profound blow to allies and deepening the president’s isolation on the world stage. “The United States does not make empty threats,” he said in a televised address from the White House Diplomatic Room.

Trump said the 2015 agreement, which included Germany, France and Britain, was a “horrible one-sided deal that should never ever have been made.” He added that the United States “will be instituting the highest level of economic sanction.”

Former President Barack Obama called Trump’s decision to pull out of the Iran deal, which had been brokered by Obama’s administration, a “serious mistake” that will erode America’s global credibility. He said Tuesday that Trump’s decision to withdraw is “misguided,” especially because Iran has been complying.

Obama also warned: “The consistent flouting of agreements that our country is a party to risks eroding America’s credibility, and puts us at odds with the world’s major powers.”

The former US president said that without the deal, the US “could eventually be left with a losing choice between a nuclear-armed Iran or another war in the Middle East.” The deal remains a model for what diplomacy can accomplish, including when it comes to North Korea, he said.

Trump’s decision means Iran’s government must now decide whether to follow the US and withdraw or try to salvage what’s left of the deal. Iran has offered conflicting statements about what it may do — and the answer may depend on exactly how Trump exits the agreement.

One official briefed on the decision said Trump would move to reimpose all sanctions on Iran that had been lifted under the 2015 deal, not just the ones facing an immediate deadline.

Supporters of trying to fix the agreement had hoped Trump would choose a piecemeal approach that could leave more room for him to reverse himself and stay in if he could secure the additional restrictions on Iran that European nations have tried unsuccessfully to negotiate with Trump. Still, the administration planned to allow a grace period of at least three months and possibly up to six months so that businesses and governments can wind down operations that would violate the reimposed US sanctions, officials said.

As administration officials briefed congressional leaders about Trump’s plans Tuesday, they emphasized that just as with a major Asia trade deal and the Paris climate pact that Trump has abandoned, he remains open to renegotiating a better deal, one person briefed on the talks said.

The Iran agreement, struck in 2015 by the United States, other world powers and Iran, lifted most US and international sanctions against the country. In return, Iran agreed to restrictions on its nuclear program making it impossible to produce a bomb, along with rigorous inspections.

In a burst of last-minute diplomacy, punctuated by a visit by Britain’s top diplomat, the deal’s European members gave in to many of Trump’s demands, according to officials, diplomats and others briefed on the negotiations. Yet they still left convinced he was likely to re-impose sanctions.

Trump spoke with French President Emmanuel Macron and Chinese leader Xi Jinping about his decision Tuesday. The British foreign secretary traveled to Washington this week to make a last-minute pitch to the U.S. to remain in the deal, according to a senior British diplomat. The diplomat, who spoke on condition of anonymity, said the British objective will remain to uphold and maintain the deal.

Hours before the announcement, European countries met to underline their support for the agreement. Senior officials from Britain, France and Germany met in Brussels with Iran’s Deputy Foreign Minister for Political Affairs, Abbas Araghchi.

If the deal collapses, Iran would be free to resume prohibited enrichment activities, while businesses and banks doing business with Iran would have to scramble to extricate themselves or run afoul of the US American officials were dusting off plans for how to sell a pullout to the public and explain its complex financial ramifications.

In Iran, many were deeply concerned about how Trump’s decision could affect the already struggling economy. In Tehran, President Hassan Rouhani sought to calm nerves, smiling as he appeared at a petroleum expo. He didn’t name Trump directly, but emphasized that Iran continued to seek “engagement with the world.”

“It is possible that we will face some problems for two or three months, but we will pass through this,” Rouhani said.

Under the most likely scenario, Trump would allow sanctions on Iran’s central bank — intended to target oil exports — to kick back in, rather than waiving them once again on Saturday, the next deadline for renewal, said individuals briefed on Trump’s deliberations.

Then the administration would give those who are doing business with Iran a six-month period to wind down business and avoid breaching those sanctions.

Depending on how Trump sells it — either as an irreversible US pullout, or one final chance to save it — the deal could be strengthened during those six months in a last-ditch effort to persuade Trump to change his mind. The first 15 months of Trump’s presidency have been filled with many such “last chances” for the Iran deal in which he’s punted the decision for another few months, and then another.

Even Trump’s secretary of state and the UN agency that monitors nuclear compliance agree that Iran, so far, has lived up to its side of the deal. But the deal’s critics, such as Israel, the Gulf Arab states and many Republicans, say it’s a giveaway to Tehran that ultimately paves the path to a nuclear-armed Iran several years in the future.

Iran, for its part, has been coy in predicting its response to a Trump withdrawal. For weeks, Iran’s foreign minister had been saying that a re-imposition of US sanctions would render the deal null and void, leaving Tehran little choice but to abandon it as well. But on Monday, Rouhani said Iran could stick with it if the European Union, whose economies do far more business with Iran than the US, offers guarantees that Iran would keep benefiting.

For the Europeans, Trump’s withdrawal constitutes dispiriting proof that trying to appease him is futile.

Although the US and Europeans made progress on ballistic missiles and inspections, there were disagreements over extending the life of the deal and how to trigger additional penalties if Iran were found violating the new restrictions, US officials and European diplomats have said. The Europeans agreed to yet more concessions in the final days of negotiating ahead of Trump’s decision, the officials added.

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News Network
January 20,2020

New Delhi, Jan 20: Surging inflation and slowing growth are raising serious concerns about the future growth prospects of the economy and as a remedial measure the government should resolve supply-side hurdles and ensure more stringent governance norms, a report said on Monday.

According to the Dun and Bradstreet Economy forecast, even though the Index of Industrial Production (IIP) turned positive in November 2019, it is likely to remain subdued.

"Slowdown in consumption and investment along with high inflationary pressures, geopolitical issues and uncertainty over the recovery of the economic growth are likely to keep IIP subdued," the report noted.

Dun and Bradstreet expect IIP to remain around 1.5-2.0 percent during December 2019.

As per government data, industrial output grew 1.8 percent in November, turning positive after three months of contraction, on account of growth in the manufacturing sector.

On the price front, uneven rainfall along with floods in many states and geopolitical issues have led to a surge in headline inflation even as demand remains muted.

The Consumer Price Index (CPI) in December rose to about five-and-half year high of 7.35 percent from 5.54 percent in November, mainly driven by high vegetable prices.

"The sharp rise in inflation has constrained monetary policy stimulus while revenue shortfall has placed limits on the government expenditure," Dun & Bradstreet India Chief Economist Arun Singh said.

According to Singh, growth-supporting measures and deceleration in growth are likely to cause slippage in fiscal deficit target by a wider margin.

"The government should focus on taking small steps to address the slowdown; in particular, resolve the supply-side hurdles and ensure more stringent governance norms," Singh said.

Unless these concerns are addressed through a comprehensive policy framework, it will not be easy for India to clock a sustainable growth rate to become a USD 5 trillion economy, he added.

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News Networkwork
May 14,2020

Bengaluru, May 14: ABB India has posted a profit after tax of Rs 66 crore during the first quarter (January to March) due to lower volumes including service revenue and unfavourable mix.

In Q1 CY19, it had reported a profit after tax of Rs 89 crore. ABB India follows calendar year as its fiscal year.

The company reported a profit including exceptional items and before tax of Rs 87 crore. The resultant under-absorption and mark-to-market impact due to forex volatility were partly offset by refund incomes and a one-time gain on sale of solar business during the quarter.

Revenues for the first quarter stood at Rs 1,522 crore, impacted by lower sales, non-receipt of delivery clearance, lower service revenue in the nationwide lockdown due to the COVID-19 pandemic. This impact primarily occurred in March, the company said in a statement.

ABB India said it continues to maintain a stable cash position of Rs 1,464 crore as on March 31 in a market where cash collection continues to be a challenge.

Besides, despite many activities coming to a standstill in March, the quarter was marked by commissioning for a mining major at Raigarh in Chhattisgarh, electrical and automation systems for a cement major and port and electrics, drives and automation for a leading mill in Bangladesh.

Terminal installation and commissioning for LPG, power management electrical control system for a leading refinery and commissioning of two units of a power plant in Kerala are some of the other projects where ABB's involvement ensured continuity and safe operations, it said.

On a global scale, the impact of COVID-19, as well as the fall in oil prices, has significantly impacted the short-term outlook. The global economy is expected to contract in 2020 after a rapid deterioration in outlook driven by the pandemic.

Despite unprecedented stimuli by governments and central banks around the world and initial signs of recovering economic activity in China, macro-indicators point to a global recession of uncertain duration as many countries continue to face restrictions with anticipated long-term economic consequences, said ABB India.

While the company is taking prompt action to adapt its operations and cost base to safeguard profitability, it expects the results in the coming quarter to be impacted due to the loss of volumes.

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Agencies
March 8,2020

Panic gripped big tech firms like Facebook and Twitter which decided to close their offices from Seattle to London as more employees tested positive for the new coronavirus.

Facebook shut its three London offices till Monday after an employee was diagnosed with COVID-19.

The social networking giant told nearly 3,000 employees in London to work from home after an employee, who is based in Singapore but visited the London offices between February 24-26, was diagnosed with the new coronavirus, Sky News reported on Friday.

"An employee based in our Singapore office who has been diagnosed with COVID-19 visited our London offices on February 24-26.

"We are therefore closing our London offices until Monday for deep cleaning and employees are working from home until then," the company said in a statement.

There have been 163 cases of coronavirus so far in the UK.

Earlier, Facebook recommended all its Bay Area employees in the US to work from home. The latest precautions come after San Francisco announced its first two coronavirus cases on Thursday.

Facebook has also shut its Seattle office until Monday after one of its contractors was confirmed to be infected with the virus. The infected contractor last visited the Facebook office on February 21. King County health officials said all Facebook sites should work from home until March 31.

Twitter shut its Seattle office for a 'deep clean' after an employee developed COVID-19 like symptoms though final result was still awaited.

"A Seattle-based employee has been advised by doctor about likely COVID-19, though still awaiting the final testing," Twitter said in a tweet on Friday.

"While the employee has not been at a Twitter office for several weeks and hasn't been in contact w/others, we're closing our Seattle office to deep clean," the company added.

According to The Seattle Times, at least 14 people have died due to COVID-19 in Washington State till date.

Amazon, Microsoft, Google and Facebook have advised their employees in Washington State to work from home.

Apple has reportedly suggested its employees at California campuses to work from home as an "extra precaution" while new coronavirus cases spread on the west coast in the US, especially Seattle area.

Apple's flagship developers' conference WWDC 2020 in June is also at the risk of getting cancelled as the Santa Clara public health department has warned against large public gatherings. The event draws nearly 5,000 developers from across the world.

The US death toll from the new coronavirus has climbed to 14, according to Johns Hopkins' tracker, with 329 cases reported across the country.

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