Economics

Trump's Iran Sanctions Spook Europe as Daimler Halts Investments

U.S. move prompts German carmaker to freeze Iran expansion
European allies condemn, try to counter Trump penalties

Amrita Sen, chief oil market analyst at Energy Aspects, expects Iranian oil production to drop.Source: Bloomberg)

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By Tami Maximiliane Holderried, Margaret Talev, and Ladane Nasseri

August 6, 2018 at 10:30 AM EDT

Updated on

August 7, 2018 at 9:22 AM EDT

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U.S. President Donald Trump’s desire to isolate the Iranian economy seems to be working.

Within hours of Washington unveiling its first round of sanctions, German carmaker Daimler AG froze a plan to make Mercedes Benz trucks in Iran. That’s even after the European Union tried to salvage the Iran nuclear deal by pledging to protect firms from Trump’s assault.

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