AP Photo/Elaine Thompson

Boeing Sales To Iran Voided With U.S. Pullout Of Nuke Deal

May 08, 2018 - 5:36 pm

(AP) -- Licenses Boeing has to sell billions of dollars in commercial jetliners to Iran will be revoked under the action President Donald Trump has taken to withdraw from the Iran nuclear deal, U.S. Treasury Secretary Steven Mnuchin said.

Mnuchin briefed reporters after Trump's announcement earlier Tuesday. Mnuchin says the existing sales licenses held by Chicago-based Boeing Co. and its European competitor, Netherlands-based Airbus Group, would be invalidated by Trump's decision.

The new sanctions will allow for certain exemptions to be negotiated, but Mnuchin wouldn't discuss what products might qualify for exemptions.

He said the sanctions will also sharply curtail sales of oil by Iran, which is currently the world's fifth-largest oil producer. Mnuchin says he does not expect oil prices to rise sharply, forecasting that other producers will step up their production.

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