Late last week, USA government officials signaled that the United States had granted waivers to eight countries to continue temporary buying Iranian oil, on the condition that they had significantly reduced purchases from Iran.
On Friday, Trump said in a statement that the USA remains open to reaching a "new, more comprehensive deal" with Iran that blocks its nuclear-weapons program, saying Tehran faces a choice between "its destructive behavior" or "economic disaster". SUBSCRIBE NOW and hit the bell to be the first in the know.
"We continue to believe that the Iran nuclear deal makes the world a safer place", British Prime Minister Theresa May's spokesman said.
Secretary of State Mike Pompeo and Treasury Secretary Steven Mnuchin are due to provide more details about the sanctions at a morning news conference.
This is where the new Iran sanctions collide with separate global tensions, over trade.
At a gathering on Saturday, Iran's supreme leader, Ayatollah Ali Khamenei, portrayed the sanctions as part of a long tradition of American hostility toward the Islamic Republic, which he said had nevertheless prevailed.
The US on Monday unleashed its "toughest ever" sanctions against Iran, a move that has already sparked mass protests in the oil-rich nation.
However, Iran's clerical rulers have dismissed concerns about the impact of sanctions on the economy.
He said the sanctions had cost Iran billions of dollars in oil revenue since May.More news: U.S. grants Iran sanctions waivers to eight countries including India
Despite this, oil prices came under pressure as Washington will allow several countries to continue importing crude from Iran despite the sanctions.
"Trump's bold decision is the sea-change the Middle East has been waiting for", Lieberman said in a statement.
Pompeo also said economic sanctions on North Korea won't be lifted until the country completely ends its nuclear program in a verifiable fashion.
"Iran is a much different country than it was when I took office", said Trump.
The Iranian ambassador said the United States "not only blatantly defies the Security Council resolution 2231" that endorsed the nuclear deal, "but also audaciously coerces other states to violate the resolution".
"We are in a situation of economic war, confronting a bullying power".
Iran has greeted the re-imposition of United States sanctions with air defence drills and an acknowledgement from President Hassan Rouhani the nation faces a "war situation", raising tensions in the Middle East.
But proponents as well as the other parties to the deal - Britain, China, France, Germany, Russia and the European Union - have vehemently defended it.
US President Trump signed an executive order on August 5 aimed at piling financial pressure on Tehran to force a "comprehensive and lasting solution" to Iranian threats, including its development of missiles and regional "malign" activities. "Right now they just want to survive", he told a rally in Tennessee, Reuters reported.