#suez-crisis

#suez-crisis

The idea for a new canal to move oil from the Middle East had emerged two decades earlier, in the context of another Middle East conflict, the Suez crisis. In 1956, Egypt seized the Suez Canal from British and French control, causing the price of oil to spike for European consumers.

After Egyptian leader Gamal Abdel Nasser nationalized the Suez Canal in July 1956, a joint British-French armada of six aircraft carriers destroyed Egypt's air force, while Israeli troops smashed Egyptian tanks in the sands of the Sinai Peninsula. Within less than a week of war, Nasser had lost his strategic forces and Egypt seemed helpless before the overwhelming might of that massive imperial juggernaut.

The EU has made significant concessions in its trade deal with the US, primarily in accepting higher tariffs on European exports while eliminating smaller tariffs on US goods entering the EU.