New US Sanctions on Companies in Iran Metals Sector

FILE PHOTO: US Treasury Secretary Steven Mnuchin testifies before the Senate Finance Committee during a hearing on the President's FY2021 Budget on Capitol Hill in Washington, US, February 12, 2020. REUTERS/Yuri Gripas/File Photo/File Photo
FILE PHOTO: US Treasury Secretary Steven Mnuchin testifies before the Senate Finance Committee during a hearing on the President's FY2021 Budget on Capitol Hill in Washington, US, February 12, 2020. REUTERS/Yuri Gripas/File Photo/File Photo
TT

New US Sanctions on Companies in Iran Metals Sector

FILE PHOTO: US Treasury Secretary Steven Mnuchin testifies before the Senate Finance Committee during a hearing on the President's FY2021 Budget on Capitol Hill in Washington, US, February 12, 2020. REUTERS/Yuri Gripas/File Photo/File Photo
FILE PHOTO: US Treasury Secretary Steven Mnuchin testifies before the Senate Finance Committee during a hearing on the President's FY2021 Budget on Capitol Hill in Washington, US, February 12, 2020. REUTERS/Yuri Gripas/File Photo/File Photo

The United States on Thursday blacklisted four steel, aluminum and iron companies operating in Iran's metals sector, as well as sales agents of Iran's largest steel manufacturer it said generate tens of millions of dollars for Tehran's metals industry.

The Treasury Department said in a statement the sales agents "generated tens of millions of dollars annually from the foreign sale of Mobarakeh Steel Company products, providing significant contributions to the billions of dollars generated overall by Iran's steel, aluminum, copper, and iron sectors."

Mobarakeh Steel Co accounts for 1 percent of Iran's gross domestic product, the Treasury said. It has been designated by the United States under different authorities, including counterterrorism and for operating in Iran's metal sector.

Thursday's action also blacklisted three large aluminum, steel and iron producers in Iran, accusing them of contributing billions of dollars in sales and export of Iranian metals.

The sanctions freeze any US assets held by the companies and generally prohibit Americans from dealing with them.

"The Iranian regime continues to use profits from metals manufacturers and foreign sales agents to fund destabilizing behavior around the world," Treasury Secretary Steven Mnuchin said in the statement.



Taiwan’s President Departs for Pacific Visit with a 2-Day Stop in the US

Taiwanese President Lai Ching-te waves to the media as he departs for South Pacific at Taoyuan International Airport in Taoyuan, Taiwan, Saturday, Nov. 30, 2024. (AP)
Taiwanese President Lai Ching-te waves to the media as he departs for South Pacific at Taoyuan International Airport in Taoyuan, Taiwan, Saturday, Nov. 30, 2024. (AP)
TT

Taiwan’s President Departs for Pacific Visit with a 2-Day Stop in the US

Taiwanese President Lai Ching-te waves to the media as he departs for South Pacific at Taoyuan International Airport in Taoyuan, Taiwan, Saturday, Nov. 30, 2024. (AP)
Taiwanese President Lai Ching-te waves to the media as he departs for South Pacific at Taoyuan International Airport in Taoyuan, Taiwan, Saturday, Nov. 30, 2024. (AP)

Taiwan's president departed Saturday for a trip to the South Pacific that will include a two-day transit in the US, his first since assuming office.

The planned stopovers in Hawaii and the territory of Guam have already drawn fierce criticism from Beijing, which claims Taiwan as its own territory and objects to official exchanges between it and the US, the island's biggest backer and military provider.

Lai Ching-te left on a weeklong trip to visit the Marshall Islands, Tuvalu and Palau — three diplomatic allies of the self-governed island in the Pacific.

“I want to use the values of democracy, peace, and prosperity to continue to expand our cooperation with our allies, to deepen our partnership and let the world see Taiwan not just as a model of democracy, but a vital power in promoting the world's peace and stability, and prosperous development,” he said at Taoyuan International Airport ahead of his departure.

Though Taiwan retains strong contacts with dozens of other nations, it has only 12 formal diplomatic allies. The self-ruled democracy has recently been facing increasing pressure from China.

It is unclear whether Lai will meet with any members of the incoming US administration during his transit.

President-elect Donald Trump said in an interview with Bloomberg in July that Taiwan should pay for its defense. The island has purchased billions of dollars of defense weaponry from the US.

Trump evaded answering whether he would defend the island from Chinese military action. On Friday, the US State Department said it approved the sale of $385 million in spare parts and equipment for the fleet of F-16s, as well as support for tactical communication system to Taiwan.

While the US is obligated to help the island defend itself under the Taiwan Relations Act, it has maintained a position of strategic ambiguity over whether it would ever get involved if Taiwan were to be invaded by China.

A second Trump administration is expected to test US-China relations even more than the Republican’s first term, when the US imposed tariffs on more than $360 billion in Chinese products. Taiwan is one of the main sources of tension in the bilateral relationship.

Chinese Foreign Ministry spokesperson Mao Ning said on Friday if the US wanted to maintain peace in the Taiwan Strait, it is important for it to handle the Taiwan issue “with utmost caution, clearly opposing Taiwan independence and supporting China’s peaceful reunification.”

She also said China firmly opposes any form of official interaction between the US and Taiwan, including visits by Taiwan’s leaders to the US for any reason.

When former Taiwanese President Tsai Ing-wen went to the US last year as part of a transit to Latin America, it drew vocal opposition from China. Tsai met with the former House Speaker Kevin McCarthy at the time.

The Chinese military also launched drills around Taiwan last year as a “stern warning” over what it called collusion between “separatists and foreign forces” days after Lai, then Taiwan’s vice president, stopped over in the US

China also strongly objects to leading American politicians visiting the island as it views any official contact with foreign governments and Taiwan as an infringement on its claims of sovereignty over Taiwan. Washington switched its formal recognition from Taipei to Beijing in 1979.