The high price of rejecting the Iran deal

The simple fact is that, after two years of testing Iran in negotiations, the international community does not believe that ramping up sanctions will persuade Iran to eradicate all traces of its hard-won civil nuclear program or sever its ties to its armed proxies in the region. Foreign governments will not continue to make costly sacrifices at our demand.

Indeed, they would more likely blame us for walking away from a credible solution to one of the world’s greatest security threats, and would continue to re-engage with Iran. Instead of toughening the sanctions, a decision by Congress to unilaterally reject the deal would end a decade of isolation of Iran and put the United States at odds with the rest of the world.

Some critics nevertheless argue that we can force the hands of these countries by imposing powerful secondary sanctions against those that refuse to follow our lead.

But that would be a disaster. The countries whose cooperation we need — including those in the European Union, China, Japan, India and South Korea, as well as the companies and banks that handle their oil purchases and hold foreign reserves — are among the largest economies in the world. If we were to cut them off from the American dollar and our financial system, we would set off extensive financial hemorrhaging, not just in our partner countries but in the United States as well.