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
-
Economic Security in Asia Part 1: China's growing pains with Dan Rosen
Dan Rosen, leading expert on China's economy and head of the Rhodium Group's China practice, joins Emily and Geoff to talk about the recently concluded third plenum meetings i...
By Emily Kilcrease & Geoffrey Gertz
-
What a Bunch of Malarkey!
Emily and Geoff discuss the U.S. presidential election and what that might mean for economic security policy. They get into trade policy, what both candidates would do to comp...
By Emily Kilcrease & Geoffrey Gertz
-
How U.S.-China Competition Upended the International Economic Order and What the United States Can Do to Fix It
On June 26, CNAS hosted an event to discuss a new report, Disorderly Conduct: How U.S.-China Competition Upended the International Economic Order and What the United States Ca...
By Emily Kilcrease, Geoffrey Gertz, Adam Tong & Peter Harrell
-
Sanctions by the Numbers: 2023 Year in Review
Executive Summary In 2023, the Biden administration continued to prioritize sanctions as a key tool to support U.S. national security and foreign policy objectives. The United...
By Rowan Scarpino & Jocelyn Trainer