Report: Iran Sanctions Cost U.S. Economy up to $272 Billion
Wednesday, December 14, 2016
U.S. sanctions on Iran have carried a significant cost to the U.S. economy, a new report published by the National Iranian American Council today finds. Losing More Billions – The Cost of Iran Sanctions to the U.S. Economy reveals that between 1995 and 2014, the U.S. sacrificed at least $203 billion and as much as $272 billion in potential export revenue to Iran.
The losses to the U.S. economy will decrease if the process of sanctions relief continues under the Iran nuclear deal. They will increase if the incoming Trump administration scuttles the agreement.
These estimates reflect losses solely from export industries, and do not include the detrimental economic effects of other externalities of Iran-targeted sanctions, such as higher global oil prices. Consequently, the full cost to the U.S. economy is likely even higher. Moreover, the model does not take into account the approximately $41.6 billion that would be lost if the recently announced Boeing deal were canceled.
Europe also absorbed a significant cost during the years it sanctioned Iran. Germany was hit the hardest, losing between $37.9 and $150.3 billion between 2010 and 2014, with Italy and France following at $21.4-$85.0 billion and $14.8-$58.8 billion respectively.
The report can be downloaded at niacouncil.org/losingmorebillions.