US President Donald Trump has issued an order allowing the US Treasury Department to execute fresh sanctions on Iran in several product categories including textiles.
Trump issued the executive order on Friday (10 January) in response to ballistic-missile attacks against US bases in the region earlier in the week.
It authorises the US Treasury Department to target the construction, mining, manufacturing and textile sectors of the Iranian economy. That means the Treasury can blacklist any individuals or entities operating in these sectors or anyone assisting them or trading with them.
A report from international trade law firm Sandler, Travis & Rosenberg (ST&R) citing treasury secretary Steve Mnuchin, said the measures will remain in place until the Iranian regime “stops the funding of global terrorism and commits to never having nuclear weapons.”
According to the US Office of Textiles and Apparel (OTEXA) report for November 2019, non-apparel (textile) imports rose 29% to 0.759m SME compared with the same period a year earlier. In value terms, textile shipments from Iran rose 5% to US$51.5m.
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By GlobalData
