Trump Pulls U.S. Out of 'Disastrous' Iran Nuclear Deal, Imposes 'Powerful' Sanctions

U.S. Treasury Department announced following Trump's speech that the process of reimposing sanctions on Iran will be implemented over a period of months, and won't happen all at once

Trump delivers a statement on the Iran nuclear deal from the Diplomatic Reception Room of the White House, Tuesday, May 8, 2018, in Washington.
Evan Vucci/AP

WASHINGTON – President Donald Trump announced on Tuesday the United States' withdrawal from the Iran nuclear deal, saying he will reinstate economic sanctions on the Islamic Republic.

"The deal lifted crippling economic sanctions on Iran, in exchange for very weak limits on the regime's nuclear activities," Trump said at the White House, adding that the deal "should have never been made. It didn't bring peace, and it never will."

"The Iranian regime is the leading state sponsor of terror. It exports dangerous missiles, fuels conflicts across the Middle East, and supports terrorist proxies such as HezbollahHamas, the Taliban and Al-Qaida. They have murdered hundreds of American service members and kidnapped and tortured American citizens," the president said.

Following Trump's speech, the U.S. Treasury announced that the process of reimposing sanctions on Iran will be implemented over a period of months and won't happen all at once.

"Sanctions will be reimposed subject to certain 90-day and 180-day wind-down periods. At the conclusion of the wind-down periods, the applicable sanctions will come back into full effect," the department explained in a written statment.

"This process is a result of how the nuclear deal with Iran was structured during its signing in 2015. Foreign companies working in Iran will be given a period of time to close their business over there." 

"They'll have months to phase it out," an American official said. "That's why it's called a wind-down period. It gives them time to phase it out," the statement continued.

Trump also announced that U.S. Secretary of State Mike Pompeo is currently en route to North Korea to meet with Kim Jong-Un.

"As we exit the Iran deal, we will be working with our allies to find a real, comprehensive, and lasting solution to the Iranian threat. We have a shared interest with our allies in Europe and around the world to prevent Iran from ever developing a nuclear weapon," Pompeo said in a statement.

"But our effort is broader than just the nuclear threat and we will be working together with partners to eliminate the threat of Iran’s ballistic missile program; to stop its terrorist activities worldwide; and to block its menacing activity across the Middle East and beyond. As we build this global effort, sanctions will go into full effect and will remind the Iranian regime of the diplomatic and economic isolation that results from its reckless and malign activity."