On May 8, 2019, President Trump issued an Executive Order prohibiting purchases from the iron, steel, aluminum, and copper industries in Iran. As stated in the Order, the President asserted that it is U.S. policy to deny the Iranian government financial support that may go towards “the proliferation of weapons of mass destruction, terrorist groups and networks, campaigns of regional aggression, and military expansion.” The action targets Iran’s revenue from the export of industrial metals—10 percent of its export economy—and is intended to put other nations on notice that the U.S. will no longer tolerate allowing Iranian steel and other metals into their ports.
For more information on how this could impact your business, contact:
- Martin Lutz, Partner (email@example.com, 512-495-6024)
- Lindsey Roskopf, Attorney (firstname.lastname@example.org, 713-615-8534)
- or another member of the McGinnis Lochridge International Trade and Transactions Practice Group