Trump signs executive order reimposing sanctions against Iran

Trump repeated his opinion that the 2015 international nuclear agreement with Iran, known as the Joint Comprehensive Plan of Action (JCPOA), was a "horrible, one-sided deal."

“[The Iran nuclear deal] a horrible, one-sided deal, failed to achieve the fundamental objective of blocking all paths to an Iranian nuclear bomb,” Trump said in a statement on Monday.

“Since the deal was reached, Iran’s aggression has only increased. The regime has used the windfall of newly accessible funds it received under the JCPOA to build nuclear-capable missiles, fund terrorism, and fuel conflict across the Middle East and beyond,” he said.

Trump also warned that nations that do not gradually reduce their ties to the Iranian economy "risk severe consequences" under the reimposed sanctions.

"The United States is fully committed to enforcing all of our sanctions, and we will work closely with nations conducting business with Iran to ensure complete compliance," he said.

Iran files complaint with ICJ over US bans: Zarif

The Iranian foreign minister says Tehran files a complaint with the ICJ over the unlawful US move to re-impose unilateral sanctions.

In May, Washington withdrew from the deal, which also has the UK, France, Russia, China, and Germany as its signatories. It also said it would be returning the nuclear-related sanctions, which have been lifted on the back of the accord.

"By exiting the JCPOA, the United States is able to protect its national security by applying maximum economic pressure on the Iranian regime," Trump said in his statement on Monday.

The first phase of US sanctions include a universal ban on Iran’s access to the US dollar, as well as prohibitions against the country’s trade in gold and other precious metals, among other restrictions.

"To date, my Administration has issued 17 rounds of Iran-related sanctions, designating 145 companies and individuals," Trump said.

The second wave of sanctions that would hit on November 4 would aim to bring Iran’s oil exports to zero as claimed by US officials.

The Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei has ordered officials and institutions in charge to prepare to build up the country’s enrichment capacity in case the nuclear deal falls apart after the US unilaterally scrapped it.