Economic realities moderate Trump's hard line on Iran

WASHINGTON (AP) — The Trump administration was caught between allies at home and abroad and the reality of global economics as it reinstated sanctions Monday on Iran, forced to carve out exemptions for important allies and back off on measures that could have been even more punishing for Tehran.

The U.S. granted waivers to allow China and seven close U.S. partners and allies to continue importing Iranian crude and other petroleum products without penalty, bowing to concerns that a complete end to Iran's exports would cause a major spike in world oil prices and cause other economic disruptions. Trump conceded that reality on his way to a last-minute campaign event a day before critical midterm congressional elections.