German Economy Minister Peter Altmaier has sharply criticized US President Donald Trump’s tariffs and sanctions policies, saying such measures were destroying jobs and growth and that Europe would not bow to US pressure regarding Iran.
The minister said Germany and its EU allies would continue to support companies doing business with Iran despite US pressure.
“We won’t let Washington dictate us with whom we can do business and we therefore stick to the Vienna Nuclear Agreement so that Iran cannot build atomic weapons,” Reuters on Sunday quoted Altmaier as telling Bild am Sonntag newspaper.
He was referring to the landmark 2015 nuclear deal which was signed between Iran and world powers. Trump pulled the US out of the agreement despite repeated calls from allies advising him against such move.
Iran has always said its nuclear program has only civilian nature.
The US has triggered a bitter tit-for-tat trade dispute with import tariffs meant to protect American jobs against what Trump calls unfair trade practices from China, Europe and other countries.
Trump’s determination to push ahead with sanctions on Tehran which also target European companies doing business with Iran has opened another battle front.
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German companies should be allowed to continue to invest in Iran as much as they want and the German government is looking for ways together with its European allies to ensure that financial transactions could still take place, Altmaier added.
Several European companies have suspended plans to invest in Iran in light of the US sanctions, including oil major Total as well as carmakers PSA, Renault and Daimler.
German business associations have warned that companies are increasingly suffering from Trump’s sanctions policies–including those against Iran–as well as the tariffs he is imposing in the escalating trade conflict with China.
