U.S. tensions are escalating with Iran, as President Donald Trump imposes fresh sanctions against the country's supreme leader, Ayatollah Ali Khamenei. And a former U.S. ambassador explains what could happen next for Iran’s economy, as Washington increases pressure on Tehran.
“Sanctions definitely will continue to be a serious challenge for Iran. And therefore I do think Iran will continue to look for asymmetric ways, as we’ve seen in the last couple of weeks, to lash back at the U.S.,” Richard Schmierer, a former U.S. ambassador to Oman and chairman of the Middle East Policy Council’s board, tells “The Ticker.”
The White House’s latest step comes after Trump canceled planned airstrikes against the country and Iran’s revolutionary guard shot down an American military drone last week. But Schmierer notes Iran’s economy is already reeling from the Trump administration’s previous sanctions, including the move to clamp down on other countries buying Iranian oil.
“It’s not surprising that the next step would be additional sanctions. I do think, however, that ultimately he and our country want to get to the point where we can have negotiations and let diplomacy move this issue forward,” Schmierer said.
McKenzie Stratigopoulos is a producer at Yahoo Finance. Follow her on Twitter: @McKenzieBeehler