an estimated $2 billion, while Siemens lost a rail contract worth $1.5 billion and Airbus lost $19 billion.

President Biden has said that he will rejoin the Iran deal, but will not lift sanctions until Iran returns to compliance. Although most diplomats assume that Washington and Tehran will work out some sort of sequencing, European companies remain hesitant.

the debate over how Europe can project its own power and protect itself from larger and more powerful nations, whether allies or competitors, will not go away.

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