European and American companies could lose billions of dollars in commercial deals canceled and a major new export market undercut by the U.S. decision to re-impose sanctions on Iran. President Donald Trump's decision will likely most hurt aircraft makers, oil companies and auto manufacturers. Since the Iran nuclear accord was struck in 2015, it has been mostly European companies that moved back in to sign deals with Iran. The sanctions also limit foreign companies from dealing with Iran by prohibiting them from using American banks in their operations if they do not sever links with Iran. The U.S. says the sanctions will also sharply curtail sales of oil by Iran, the world's fifth-largest oil producer.

Source: ABC News May 09, 2018 20:27 UTC