Last week, U.S. Secretary of State Mike Pompeo complained about Republicans in Congress who were grandstanding for harsher sanctions on Iran. Now, he has joined the grandstanders, announcing that the Trump administration is stepping up its maximum pressure campaign against Iran by ending waivers that had allowed some states to import Iranian crude oil.
This may have significant consequences for global oil markets. It will have bigger consequences for U.S. power. Trump administration unilateralists, together with their Capitol Hill supporters and anti-Iran lobby groups, such as the Foundation for Defense of Democracies, think they can use sanctions as a tool of regime change. They are wrong. The increasingly desperate efforts of the United States to ratchet up sanctions are likely to backfire, hardening the resolve of the Iranian regime and driving both allies and competitors away from the U.S.-dominated global financial system.
Henry Farrell and Abraham Newman, “By Punishing Iran, Trump is Weakening America,”, Foreign Policy (online), April 24, 2019.