Iran’s rial fell against the dollar just as Trump was claiming victory. The 2 events are linked, argues an expert on the Iranian economy.
As the world absorbed news of Donald Trump ’s comeback victory in the 2024 U.S. presidential race, concern in Iran turned to the impact of the election on its own economy amid escalating regional tensions.
What has happened to Iran’s currency? The rial fell to a fresh record low as Donald Trump was claiming victory – trading above the symbolic marker of 700,000 rials to the dollar, according to traders in Tehran, just as results of the U.S. election were coming in. So this trend predated Trump’s win? Yes. The Iranian economy was already in a perilous state due in large part to the ongoing impact of U.S.-led sanctions on Tehran and ongoing anxiety over the conflict in the Middle East. In fact, the rial hit an earlier low a few days before the election.
While the Biden administration certainly kept the sanctions placed on Iran under Trump – and have even added to them – Washington also engaged in back-channel negotiations with Tehran, which pointed to a diplomatic solution and potentially an agreement that would, one day, ease those sanctions. How does Trump’s relationship with Israel factor in? Iranians are divided on how the second Trump presidency will affect the Iran-Israel conflict. Some are worried that it will relax any pressure the U.S. has on Israel in trying to contain the current conflict in the Middle East.
Many Iranians are also worried that Trump’s victory may worsen relations between Washington and Tehran. While the U.S. and Iran don’t have direct diplomatic ties, it has been widely reported that under Biden there have been indirect and secret negotiations. The concern is that Trump, who is perceived in Tehran as more unpredictable than Biden, will not pursue the same strategy.
2024 US Presidential Election Benjamin Netanyahu Biden Administration Donald Trump Iran Iran Sanctions Iranian Economy Israel Oil Sanctions Trump Administration US Sanctions US-Iran US-Israel Oil Sanctions
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
'DJ Trump': Trump town hall turns into impromptu concert after medical incidentsDonald Trump&x27;s town hall in the Philadelphia suburbs turned into an impromptu concert on Monday after the former president was twice interrupted by medical emergencies in the room.
Read more »
'The race is not over': Trump and Harris make final pitches as voting beginsThe US election is on a knife edge, with polling continuing to show Donald Trump and Kamala Harris are virtually neck-and-neck in the race for the presidency.
Read more »
US election 2024: Donald Trump sweeps to power as a new era dawns in AmericaDonald Trump has completed a stunning victory, taking the US presidency with 277 electoral college votes; the Democrats’ blue wave has fizzled out; Follow live updates.
Read more »
Away from the ballot box, this vote is stacked for TrumpIf the US Supreme Court is called on to make a ruling over the presidential election, Donald Trump can be confident it will go his way.
Read more »
A Trump presidency could ‘cripple’ the Paris climate agreement, warns UN chiefAntónio Guterres says treaty will endure but urges US to remain amid reports of Republican plan to withdraw from the climate negotiating framework entirely
Read more »
US election results and map 2024: Donald Trump and Kamala Harris vie to be presidentWith 30 states called, the race between Donald Trump and Kamala Harris to be the next US president is coming down to the crucial swing states. Follow the latest results from across the US
Read more »