November 16, 2018
China and the EU Are Growing Sick of U.S. Financial Power
This month, the United States imposed on Iran its most draconian round of sanctions yet. These measures made clear something the global community has long known: When it comes to international finance, Washington sets the rules for others to follow. Though some governments, led by the European Union, have announced initiatives to break free of this U.S. dominance, their policies will likely fail. Less publicized trends, however, are already eroding U.S. financial power and may make aggressive U.S. sanctions policies untenable.
When U.S. President Donald Trump announced in May that he would reimpose sanctions on Iran lifted under the 2015 nuclear deal, the effect was swift. Companies began to comply, independently of their governments’ stances toward Tehran. Even as the EU moved over the summer to make it illegal for its companies to comply with the new U.S. sanctions, firms were already turning away from Iran.
Read the full article in Foreign Policy.
More from CNAS
-
Sharper: Regulating Technology
The pace of technological change presents both immense opportunity for private industry and complex challenges for national security. These technologies, including artificial ...
By Anna Pederson & Julia Arnold
-
Can Europe fund its defense ambitions?
The majority of European members of NATO are not spending as much on defense as they agreed to. But that may change as the European Union considers a move to a "war economy." ...
By Rachel Ziemba
-
A New Approach to Sanctions Is Pushing Up Energy Prices and Crimping Russia’s Revenue
Heightened U.S. sanctions enforcement has also raised the importance of China as the buyer of last resort for Russia....
By Rachel Ziemba
-
Emily Kilcrease joins BBC Newshour to discuss TikTok Regulation
As the House votes on its latest attempt to regulate the popular app TikTok, Emily Kilcrease joins BBC Newshour to discuss what makes both this bill and this app so unique. L...
By Emily Kilcrease