Rejecting Deal Costly

Rejecting Deal CostlyRejecting Deal Costly

The Iran nuclear deal offers a long-term solution to one of the most urgent challenges in modern times, US Treasury Secretary Jacob Lew said in an opinion piece for the New York Times, CNBS reported on Friday.

Iran would be able to step up its nuclear activities quickly, should the US Congress decide  to reject the deal, he warned - a rejection that would put the US at odds with the rest of the world.

Rejecting the opinion of countries involved in the Iran talks, which include China, Japan, India and South Korea, as well as the European Union, and unilaterally introducing tougher Iran sanctions would result in cutting off those allies from the US dollar and financial system.

“We would set off extensive financial hemorrhaging, not just in our partner countries but in the United States as well,” Lew wrote.