Donald Trump warns world against business with Iran as sanctions return

China Germany defend Iran business ties as U.S. sanctions grip

China Germany defend Iran business ties as U.S. sanctions grip

"We still consider it a mistake to give up the nuclear agreement with Iran", Foreign Minister Heiko Maas warned.

Iran's currency has been in steady decline since the start of the year as the country anxiously awaits the re-imposition of full USA sanctions, trading at record lows and losing almost two-thirds of its value against the dollar.

Iranian Foreign Minister Mohammad Javad Zarif told reporters that the global reaction to Trump's move showed that the USA was diplomatically isolated.

Rouhani in a meeting with visiting North Korean Foreign Minister Ri Yong-hu on Wednesday again criticized the USA for its withdrawal from the nuclear deal.

Washington's unilateral anti-Iran campaign has nothing to do with global law and fair trade, and thus the threat of potential sanctions won't affect Beijing's sovereign right to freely choose its business partners.

The ministry also reminded Washington that Beijing follows a consistent policy of opposing any "unilateral sanctions and long-armed jurisdiction" indiscriminately practiced by the U.S. against members of the global community.

Iran's Labour Minister Ali Rabiei was impeached on Wednesday after months of mounting anger over the government's handling of an economic crisis which has deepened with the return of United States sanctions.

"China's lawful rights should be protected".

President Trump slammed the Iranian regime with "the most biting sanctions ever imposed" this week; warning global leaders that anyone "doing business with Iran" will "not be doing business with the United States".

But the second tranche of sanctions, which kicks in on November 5 and targets Iran's vital oil sector, could be far more damaging - even if several key customers such as China, India and Turkey have refused to significantly cut their purchases.

Iran's labor minister was sacked on Wednesday as the fall-out grew over the country's economic meltdown in the face of new United States sanctions.

In several videos posted to social media over the past week, crowds of dissidents are heard chanting, "Death to the dictator" as the United States prepared to reinstate sanctions on the country following President Donald Trump's exit from the global nuclear deal in May.

European countries have also vowed to protect the nuclear deal by continuing to trade with Iran.

Among those that have suspended plans to invest in Iran are France's oil major Total, its big carmakers PSA and Renault, and their German rival Daimler. The Trump tactics have deepened an already serious economic crisis in Iran, fuelling protests around the country.

But Iranian President Hassan Rouhani has dismissed the idea of talks while sanctions are in effect, and accused America of waging "psychological warfare".

Last month, Trump offered to meet Iran's leaders "without preconditions".

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