This is the Cato Daily Podcast for Monday, November 5th, 2018.

I'm Caleb Brown.

The Trump administration has now imposed broad sanctions aimed at Iran's economy,

but after granting waivers to continue to allow massive countries, China and India to continue

trading with Iran, it's not clear what benefits the U.S. or its allies will derive

from the sanctions.

Cato's John Glazer and Emma Ashford comment.

When the President announced that he would be withdrawing from the JCPOA deal on behalf of the United States,

what was the general response from both Iran and other countries that were a party to that agreement.

Well, put aside Iran for the minute because Iran, the Iranians obviously were pretty unhappy

about this, but it's the response of other countries that's been the really interesting part here.

So in the run up to the JCPOA, the Obama administration built this big coalition of states,

all of whom agreed to sanction Iran and in particular to sanction Iranian oil imports, which was a really big deal that hurt the government of Iran a lot, and they ended up coming to the negotiating table.

After the Trump administration said they were going to withdraw from the JCPOA, a lot of these countries said,

hey, wait a minute, no, we're not doing that again.

You know, last time we agreed with you this time we're not so sure.

So we see the Europeans, for example, actually saying they want to keep the

JCPOA going setting up this special payments vehicle to try and shield their

companies so that they can actually violate the US sanctions the Chinese

saying well we're not gonna to abide by it, other countries saying,

hey, we need a lot of Iranian oil imports and you're not letting us do this.

So basically nobody's happy about this except the Trump administration.

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