GERMANY VS U.S. SANCTIONS

REUTERS - German Economy Minister Peter Altmaier has sharply criticized U.S. President Donald Trump's tariffs and sanctions policies, saying such measures were destroying jobs and growth and that Europe would not bow to U.S. pressure regarding Iran.

The United States has triggered a bitter tit-for-tat trade dispute with import tariffs meant to protect American jobs against what Trump calls unfair trade practices from China, Europe and other countries.

Trump's determination to push ahead with sanctions on Tehran which also target European companies doing business with Iran has opened another battle front.

"This trade war is slowing down and destroying economic growth - and it creates new uncertainties," Altmaier told Bild am Sonntag newspaper, adding that consumers suffered the most because higher tariffs were driving up prices.

Altmaier lauded the agreement reached by European Commission President Jean-Claude Juncker during negotiations with Trump last month, saying the interim deal had saved hundreds of thousands of jobs in Europe.

The U.S. and the European Union are embroiled in a spat after Trump imposed tariffs on aluminum and steel imports and Brussels responded with retaliatory tariffs on some U.S. goods.

Trump had also threatened to impose tariffs on EU auto imports but reached an agreement to hold off on taking action after meeting with Juncker at the White House last month.

"The agreement between the EU and U.S. can only be a first step. Our goal is a global trade order with lower tariffs, less protectionism and open markets," Altmaier said.

Turning to the U.S. sanctions against Iran, the minister said Germany and its EU allies would continue to support companies doing business with Iran despite U.S. pressure.

"We won't let Washington dictate us with whom we can do business and we therefore stick to the Vienna Nuclear Agreement so that Iran cannot build atomic weapons," Altmaier said.

German companies should be allowed to continue to invest in Iran as much as they want and the German government is looking for ways together with its European allies to ensure that financial transactions could still take place, he added.

Several European companies have suspended plans to invest in Iran in light of the U.S. sanctions, including oil major Total (TOTF.PA) as well as carmakers PSA (PEUP.PA), Renault (RENA.PA) and Daimler (DAIGn.DE).

German business associations have warned that companies are increasingly suffering from Trump's sanctions policies - including those against Iran - as well as the tariffs he is imposing in the escalating trade conflict with China.

The trade and sanctions disputes are clouding the growth outlook for Germany, Europe's largest economy, but Altmaier said he nonetheless expected strong growth this year due to vibrant domestic demand, record-high employment and rising wages.

The Federal Statistics Office will publish preliminary gross domestic product figures for the second quarter on Tuesday, with analysts expecting the quarterly growth rate to pick up to 0.4 percent after 0.3 percent in the first quarter.

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Earlier:

2018, August, 10, 10:30:00 SOUTHERN GAS CORRIDOR SANCTIONS PLATTS - The Southern Gas Corridor has received a waiver from US sanctions against Iran's energy customers, an expected win for the project, designed to transport 16 Bcm/year of Caspian natural gas to Turkey and southern Europe while bypassing Russia.

2018, August, 10, 10:25:00 SWITZERLAND - IRAN SANCTIONS REUTERS - “U.S. decisions on sanctions do not affect the legal situation in Switzerland with regard to Iran,” said Fabian Maienfisch of the State Secretariat for Economic Affairs (SECO).

2018, August, 8, 12:05:00 U.S. SANCTIONS FOR THE WORLD ARAB NEWS - US President Donald Trump warned the world against doing business with Iran on Tuesday as he hailed the “most biting sanctions ever imposed,” triggering a mix of anger, fear and defiance in Tehran.

2018, August, 3, 10:00:00 THE NEW RUSSIA SANCTIONS REUTERS - The bill includes restrictions on new Russian sovereign debt transactions, energy and oil projects and Russian uranium imports, and new sanctions on Russian political figures and oligarchs.

2018, July, 25, 10:15:00 ABSURD U.S. SANCTIONS PLATTS - "I have not seen this bill, we need to study it from a legal point of view, but based on what the media has written about it, this is, in my opinion an absurd bill that offsets all market rules," Novak told journalists, Prime reported. Русский | English

2018, July, 25, 09:50:00 TURKEY OPPOSES IRAN SANCTIONS REUTERS - Turkey has told American officials it opposes U.S. sanctions on Iran and is not obliged to implement them, Foreign Minister Mevlut Cavusoglu said on Tuesday.

2018, July, 25, 09:50:00 TURKEY OPPOSES IRAN SANCTIONS REUTERS - Turkey has told American officials it opposes U.S. sanctions on Iran and is not obliged to implement them, Foreign Minister Mevlut Cavusoglu said on Tuesday.