Trump's Iran deal decision costs Boeing, Airbus about $39 billion
Trump's Iran deal decision costs Boeing, Airbus about $39 billion
The two leaders agreed for their teams to hold discussions on the potential impact of US sanctions on firms doing business in Iran
11 May, 2018, 11:04
The value of trade between the European Union and Iran has soared from $9.2 billion in 2015 to $16.4 billion in 2016 after the deal was signed. Unless the European Union finds a way to keep this deal alive without ruining its own company's business with the USA, that could go straight back down again.
But given Trump's hawkish views on Iran before he took office, Boeing always saw the deals as tenuous.
So what does this mean? While the sanctions could affect other non-oil businesses, the impact could be more pronounced on European companies than USA ones because they were quick to invest in Iran after sanctions were lifted in 2015.
USA sanctions policy is based on the extra-territoriality of American laws, meaning Washington also punishes foreign companies doing deals with Iran if they also have business with the U.S., or use dollars in their transactions. In total, the deals are valued at $20 billion United States dollars.
While stating that European countries seek exemptions for existing contracts from the U.S. sanctions, France's finance minister Bruno Le Maire said: "The global reach of USA sanctions makes the USA the economic policeman of the planet, and that is not acceptable". Today, Boeing stocks are up 2.15% to $345.65 Dollars each. It has not delivered any airplanes and never firmly booked the orders. In fact, according to CNBC, the company hadn't even included the orders in its order book, so financials shouldn't be affected much and its backlog remains unchanged.
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"Boeing played it a lot more conservatively than Airbus", said Richard Aboulafia, vice president of analysis at Teal Group Corporation, a consulting firm in Fairfax, Va.
"As we have throughout this process, we'll continue to follow the United States government's lead", said Boeing spokesman Gordon Johndroe.
The impact on Boeing was judged by analysts to be modest, while Airbus stands to lose more.
"We are carefully analysing this announcement and will evaluate the next steps in accordance with our internal policies and with complete observance of the sanctions and the export control rules", said a spokesman for European aircraft maker Airbus which has announced contracts with Iranian airlines for a total of 100 planes. However, the Toulouse, France-based Airbus had braced for the decision, Reuters said.
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