European business deals with Iran are safe: Tillerson

Published
2

The United States does not intend to disrupt European business deals with Iran, US Secretary of State Rex Tillerson told The Wall Street Journal in an interview published on Friday.

Days after US President Donald Trump refused to certify the Iran nuclear deal and left its fate to the US Congress, Tillerson said that he would address European allies' business concerns.

“The president has been pretty clear that it's not his intent to interfere with business deals that the Europeans may have under way with Iran,” Tillerson told the Journal.

“He has said it clearly: 'That's fine. You guys do what you want to do',” he added.

Trump has threatened a “total termination” of the landmark 2015 nuclear deal with Iran unless Congress tightens sanctions on the country and European allies address the US concerns.

“We've been working with the Europeans for six months,” Tillerson told the Journal.

“They have been brought along with this same thought process. It doesn't mean that they necessarily agree entirely with it ... Now we will start a more formalised process with them now that the policy's been adopted,” he added.

Western diplomats say European powers share some US concerns, but believe they should be dealt within other forums and warn it would be a mistake to sacrifice the nuclear deal.

Trump's threat to ditch the landmark agreement, which saw Tehran dramatically scale back its nuclear ambitions in return for an end to punishing sanctions, has sparked a chorus of foreign support for the pact.

European trade with Iran has surged since the nuclear deal went into effect in January 2016. The EU trade with Iran in 2016 was around $16 billion (14 billion euros), but most large European banks are reluctant to invest, fearing giant US fines or being locked out of the US market.

In the interview, Tillerson said little about the fate of lucrative Boeing contracts to sell passenger planes to Iran, or General Electric agreements to sell equipment and technologies to Iran's energy sector.

Follow Dawn Business on X, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Fixing bond markets
Updated 01 Oct, 2026

Fixing bond markets

Pension funds, insurance companies, mutual funds, retail investors, and eventually, foreign investors must become bigger participants in the market.
Call centre rackets
01 Oct, 2026

Call centre rackets

A NUMBER of recent raids conducted by the authorities in different cities point to the growing threat fraudulent ...
Homeward bound
01 Oct, 2026

Homeward bound

FIVE months after Somali pirates captured an oil tanker carrying a 19-member multinational crew, Somali maritime...
Kashmir unresolved
Updated 30 Sep, 2026

Kashmir unresolved

The just solution lies in India addressing the issue through a trilateral dialogue involving the legitimate representatives of the Kashmiri people and Pakistan.
Water shortage
30 Sep, 2026

Water shortage

THAT the country is entering the Rabi season with an anticipated water shortage of nearly 25pc, the lowest carryover...
Young hearts
30 Sep, 2026

Young hearts

THE observance may have passed, but the message of World Heart Day should not fade with it. The occasion is a useful...