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6/21, 8:03 AM (Source: TeleTrader.com)
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China to keep trading with Iran despite US sanctions

China's Commerce Ministry said on Thursday its firms will continue to trade with Iran despite the United States threatening to introduce sanctions against countries that maintain a trading partnership with Tehran following Washington's decision to withdraw from the Iran nuclear deal and reimpose an embargo on Iran.

According to the ministry's spokesman Gao Feng, Beijing believes that its decision to remain Iran's trading partner will not affect China's international obligations. His comments come amid rising trade tensions between the US and China as Washington is threatening to impose further trade restrictions on $200 billion worth of Chinese products as a result of Beijing's "predatory" trade practices, while China warns it is prepared to respond to such actions with countermeasures.

A number of American and European companies, including Boeing and Peugeot, have already announced they will be pulling out from Iran in order to ensure they are in compliance with the new US sanctions and French Finance Minister Bruno Le Maire noted that most French companies will have to leave Iran.

Breaking the News / NP