The international political implications of the Iranian revolution will not be known for many years to come, and American foreign policy makers and pundits will debate the question of “who lost Iran” long after that. Even the international economic implications of the revolution will not be fully realized, or recognized, in the near future. It is, however, already amply clear that the fall of the Shah has had profound consequences on Iran's economic and trade relations with other countries, in general, and with the United States in particular. It is to the latter issue that this essay addresses itself.