Ninety days following the U.S. withdrawing from the landmark Obama-era Iran nuclear agreement, President Trump signed an executive order Monday reimposing economic sanctions on Iran.
Describing the return of sanctions as “the most biting ever imposed” and declaring his desire for peace, President Trump tweeted:
The Iran sanctions have officially been cast. These are the most biting sanctions ever imposed, and in November they ratchet up to yet another level. Anyone doing business with Iran will NOT be doing business with the United States. I am asking for WORLD PEACE, nothing less!
— Donald J. Trump (@realDonaldTrump) August 7, 2018
Reimposed effective 12:01 p.m. Tuesday, the first round of unilateral sanctions following the 90-day wind-down period after abandoning the pact in May includes broad penalties ranging from carpets and healthcare to the auto sector.
Endeavoring to cut Tehran off from the global financial system, the sanctions also prohibit Iran from acquiring U.S. banknotes, limits Iran’s trading in gold, precious metals, and Iranian currency, transactions related to Iran’s sovereign debt and trade in natural resources or raw materials.
Under the new penalties, foreign countries could suffer consequences for conducting business with Tehran. In a warning via the White House, Trump cautioned foreign entities which do not comply with the sanctions risk fines and being cut off from access to U.S. markets.
Responding to the re-imposition of sanctions, President Hassan Rouhani accused the U.S. government of committing “psychological warfare” against Iran.
“Negotiations with sanctions doesn’t make sense,” Rouhani said. “We are always in favor of diplomacy and talks. . . . but talks need honesty.”
Under Trump’s plan, reimposed sanctions are incremental: A second tranche of penalties will go into effect in November, at the 190-day mark, and will target Iran’s vital oil and gas sector.
Known as the Joint Comprehensive Plan of Action, the 2015 nuclear deal with Iran saw the lifting of crippling economic sanctions and the unfreezing of Iranian assets in the U.S.
As a candidate for the White House in 2016, Trump repeatedly assailed the agreement as the “worst deal ever,” and vowed to end U.S. involvement.
[Reuters] [BBC] [Photo courtesy CNN/Getty Images]