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How Trump’s push to end Iran oil exports could backfire

Mike Pompeo at a lectern during State Department press conference
Secretary of State Mike Pompeo at the State Department press conference on April 22. Photo: Andrew Caballero-Reynolds/AFP/Getty Images

The Trump administration Monday dramatically escalated its campaign of economic warfare against Iran, announcing that it would not renew any waivers for countries to import Iranian oil after May 2.

The big picture: Per Secretary of State Mike Pompeo, the goal is for Iran to reverse its foreign and domestic policies and accede to 12 demands he set out in a speech last year. But the plan is certain to face pushback from importers of Iranian oil, raise prices for consumers and further erode the value of sanctions as a tool of diplomacy.

Turkey's finance minister held the worst IMF-World Bank meeting ever

Berat Albayrak. Photo: Ozan Kose/AFP/Getty Images
Berat Albayrak. Photo: Ozan Kose/AFP/Getty Images

Turkish Finance Minister Berat Albayrak held a closed-door meeting with hundreds of investors during the IMF-World Bank meetings in Washington last week, and some who attended called it the worst they've ever had with a high-ranking government official.

What they're saying: "It was an absolute shit show," one emerging market fund manager who attended the meeting but was not authorized to comment on it publicly told Axios.

"I've literally never seen someone from an administration that unprepared," another investor said.