Washington sources reported that US President Donald Trump said that sanctions reimposed on Iran were the "most biting ever" as he warned other countries from doing business with Tehran. He wrote in a tweet “The Iran sanctions have officially been cast. These are the most biting sanctions ever imposed, and in November they ratchet up to yet another level”.
Accordingly "Anyone doing business with Iran will not be doing business with the United States and he is asking for world peace, nothing less." Meanwhile he sanctions reimposed on Tuesday targeting access to US banknotes and key industries such as cars and carpets were unlikely to cause immediate economic turmoil. Furthermore Iran's markets were actually relatively buoyant, with the rial strengthening by 20% since Sunday after the government relaxed foreign exchange rules and allowed unlimited, tax free gold and currency imports.
As per report a second tranche coming into effect
on November 5 covering Iran's vital oil sector, could be far more damaging even
if several key customers such as China, India and Turkey have refused to significantly
cut their purchases.
