Donald Trump imposes tougher-than-ever sanctions on Iran's metal sectors
Washington: US President Donald Trump Wednesday imposed tougher-than-ever sanctions on Iran's iron, steel, aluminum and copper sectors, a move aimed at stopping Tehran from acquiring a nuclear weapon and intercontinental ballistic missiles and to counter its "malign influence" in the Middle East.
A year after he withdrew from the "fatally flawed", "one-sided" Iran nuclear deal and began the process of reimposing sanctions on Tehran, Trump with his new move has now imposed sanctions on Iran's top three exports oil, petrochemicals and metals.
The Trump administration is imposing tougher sanctions on Iran than ever before because the regime continues to engage in destructive and destabilising activities, the White House said moments after Trump notified the US Congress about his latest sanctions on Iran.
"The (Iranian) regime has maintained its nuclear ambitions and continues to develop its ballistic missile capabilities and support terrorism," the White House said.
"The United States will aggressively enforce its sanctions, and those who continue to engage in sanctionable activity involving Iran will face severe consequences," it said.
An executive order signed by Iran takes steps to deny Iran revenue, including revenue derived from the export of products from Iran's iron, steel, aluminum, and copper sectors that may be used to provide funding and support for the proliferation of weapons of mass destruction, terrorist groups and networks, campaigns of regional aggression, and military expansion, Trump said.
"It remains the policy of the United States to deny Iran all paths to both a nuclear weapon and intercontinental ballistic missiles, and to counter the totality of Iran's malign influence in the Middle East," Trump said in his executive order.
"It is also the policy of the United States to deny the Iranian government revenue, including revenue derived from the export of products from Iran's iron, steel, aluminum, and copper sectors, that may be used to provide funding and support for the proliferation of weapons of mass destruction, terrorist groups and networks, campaigns of regional aggression, and military expansion," it said.
Noting that the Iran deal was a disastrous "one-sided" deal that failed to end Iran's nuclear programme and the full range of the regime's malign activity, the White House said Trump withdrew from the deal because it failed to protect American national security interests and enabled Tehran's malign behaviour.
"The Iran deal left Iran with future pathways to pursue nuclear weapons. The regime was allowed to preserve its nuclear infrastructure, keep enriching uranium, and continue research and development. The deal included incomplete mechanisms for inspections and verification," it said.
The extensive nuclear archive exposed by Israel proves Tehran pursued nuclear weapons and secretly preserved its blueprints and database to do so, the White House said.
The deal failed to address Iran's wide range of malign activities, including its global terrorist campaign, unjust detention of Americans, ballistic missile development and more, it alleged.
The regime received an influx of cash because of sanctions relief that it has used to engage in and support terrorism and to destabilise the Middle East, it said.
The White House asserted that President Trump's maximum pressure campaign is working, having already denied the regime direct access to more than USD 10 billion in oil revenue since May 2018.
The Trump administration will continue to apply maximum pressure on the Iranian regime until its leaders change their destructive behaviour and return to the negotiating table, it said.
The sanctions come after Trump last month refused to give waivers to countries like India from buying oil from Iran, in an attempt to reduce Iran's oil exports to zero.
After coming to power, Trump withdrew from the Iranian nuclear deal last year and has imposed stringent sanctions against what he describes as the "authoritarian" Iranian regime.
The US is seeking to ramp up pressure on Iran to counter what the White House perceives to be a potential threat.
Last month, the US designated Iran's Revolutionary Guard a foreign terrorist organisation, the first time the designation has been applied to a government entity.
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Rupee falls 28 paise to 94.77 against US dollar in early trade
Mumbai (PTI): The rupee depreciated 28 paise to 94.77 against the US dollar in early trade on Thursday as market sentiment took a dramatic turn after reports emerged that the US and Iran are discussing a 14-point Memorandum of Understanding (MOU) aimed at reducing tensions and reopening negotiations.
Forex traders said Brent oil prices, which had fallen to USD 98 on the US-Iran peace deal, edged slightly higher to USD 101 per barrel after investors weighed the prospects for a Middle East peace deal.
Moreover, factors such as unabated foreign capital outflows amid rising geopolitical uncertainties further dented investor sentiment.
At the interbank foreign exchange market, the rupee opened at 94.77 against the US dollar, registering a fall of 28 paise over its previous close.
On Wednesday, the rupee appreciated 69 paise to close at 94.49 against the US dollar.
"Markets are currently focused on the critical 48-hour window during which the US expects Tehran’s formal response through Pakistani mediators," said CR Forex Advisors MD Amit Pabari.
US President Donald Trump on Wednesday threatened Iran with more bombing if it doesn't reopen the Strait of Hormuz, amid a report that the warring sides were nearing an agreement to end the war.
US media outlet Axios reported, quoting US officials and two other sources, that the US and Iran were getting close to a one-page memorandum of understanding to end the war and set a framework for more detailed nuclear negotiations.
The US expects Iranian responses on several key points over the next 48 hours, Axios reported, adding that nothing has been agreed yet. This was the closest the parties had been to an agreement since the war began.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 98.01, down 0.01 per cent.
Brent crude, the global oil benchmark, was trading higher by 0.65 per cent at USD 101.83 per barrel in futures trade.
On the domestic equity market front, the 30-share benchmark index Sensex declined 160.24 points to 77,798.28 in early trade, while the Nifty was down 30.25 points to 24,300.70.
Foreign Institutional Investors offloaded equities worth Rs 5,834.90 crore on Wednesday, according to exchange data.
On the domestic macroeconomic front, the country's goods and services exports rose 4.6 per cent to an all-time high of USD 863.11 billion during 2025-26, up from USD 825.26 billion in 2024-25, despite global economic uncertainties, according to revised commerce ministry data.
Merchandise exports grew 0.93 per cent to USD 441.78 billion in the last fiscal year from USD 437.70 billion in 2024-25, the data showed.
