COLLE DI VAL SIENA (SIENA), ITALY - 11 JUNE 2018: Freshly produced Tecons, a tool used to slice leather into shoes, jackets and bags, is seen here at the Tecon factory in Colle di Val Siena (Siena), Italy, on June 11th 2018.
Once the Obama administration struck the nuclear deal with Iran three years ago, Italy saw a chance. Last year, Italy exported more than 1.7 billion euros (nearly $2 billion) worth of goods to Iran. Then, President Trump withdrew the United States from the Iran deal and vowed to reinstate sanctions, dealing a blow to companies across Europe — especially those from Italy, Germany and France.
For years, counterfeit versions of Tecon's product have circulated in Iran, the handiwork of Chinese factories. The owner Giorgio Meniconi took the nuclear deal as impetus to register his company trademark in Iran and forge a relationship with a local distributor.
But last month, the distributor called and canceled the deal. Since Mr. Trump opted to reinstate sanctions, Iran’s currency has plunged against the euro, making Tecon’s products too expensive.