New York — US President Donald Trump signed an executive order Wednesday to impose sanctions on Iran's iron, steel, aluminum, and copper sectors - which he described in a statement as "the regime's largest non-petroleum-related sources of export revenue."
Receive daily email alerts, subscriber notes & personalize your experience.Register Now
Citing his decision a year ago to cease US participation "in the horrible, one-sided Iran nuclear deal," Trump added that his latest order "targets Iran's revenue from the export of industrial metals -- 10% of its export economy -- and puts other nations on notice that allowing Iranian steel and other metals into your ports will no longer be tolerated."
Iran's major trading partners are China (27%), India (15%), South Korea (11%), Turkey (11%), Italy (6%) and Japan (5%), according to the US Central Intelligence Agency World Factbook. In 2017, the value of all exports from Iran was estimated at $101 billion, according to the CIA.
That would make the value of its industrial metals exports about $10 billion, based on Trump's stated 10% share for metals.
"Iran has emerged as the world's eighteenth-largest steel exporter," according to the US International Trade Administration's Globe Steel Trade Monitor report, published a year ago, which said the country exported 7.4 million mt in 2017.
"Exports to Iran's top 10 steel markets represented 89% of Iran's steel export volume in 2017 at 6.6 million mt," added the US ITA. "Thailand received the largest share of Iran's exports at 21% (1.6 million mt), followed by the UAE at 19% (1.4 million mt), Oman and Indonesia at 8% (626,000 and 580,000 mt, respectively), and Taiwan at 7% (551,000 mt)."
-- Joe Innace, firstname.lastname@example.org
-- Edited by Derek Sands, email@example.com