President Donald Trump cleared China to purchase Iranian oil on Tuesday, eliminating longstanding sanctions limiting the trade relationship.
Trump announced the move in a social media post while flying to Europe on Air Force One, adding that he hopes China will also purchase “plenty” of oil from the U.S.
“China can now continue to purchase Oil from Iran. Hopefully, they will be purchasing plenty from the U.S., also. It was my Great Honor to make this happen!” Trump wrote.
Oil prices continued to drop and markets surged Tuesday as Trump battered Iran and Israel into accepting a precarious ceasefire agreement. The agreement has curbed concerns that Iran would shut down the Strait of Hormuz, a key trade route for shipping oil across the globe.
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Author: Dillon B
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