"We will be instituting the highest level of economic sanctions", Trump said.
He also said the U.S. would work with the United Kingdom, France and Germany to reach a new deal "that addresses not just the nuclear issues of Iran but the regional issues, the support for terrorism, the proliferation of missiles and others". "There's going to be a lot less goodwill".
Mnuchin said that the new sanctions would allow countries doing business with Iran to wind down those activities in either 90 or 180 days, depending on the type of products being sanctioned.
Meanwhile, Western powers today said, they are committed to the Iran nuclear deal. The work is harder if trades are in other currencies.
European and American companies could lose billions of dollars in commercial deals struck since the 2015 Iranian nuclear accord, and lose access to a major new export market.
"We believe the previous 1 million bpd limit for exports (imposed during previous sanctions) will be reimposed". Even so, the US's closest allies still seem to be very much in the dark on what he'll decide.
At least some of that oil will now be pulled from the market at a time when oil prices are already rising because of production cuts by the Organization of the Petroleum Exporting Countries (OPEC) and Russian Federation as well as instability in Venezuela, CNN Money reported. Earlier in the session, they touched their highest since November 2014 at $75.89 a barrel. "We expect that around October Iranian exports will be down by 500,000 barrels per day (bpd) and eventually fall by 1 million bpd in 1H19", USA investment bank Jefferies said in a note on Friday.
Imposing those cuts was hard, even with more geopolitical backing.
Several refiners in Asia said on Wednesday they were seeking alternatives to Iranian supplies.
Geng said that China, which has for years been a close economic partner with Iran, will "carry on the normal and transparent pragmatic cooperation with Iran on the basis of not violating our global obligation". "This action tramples on European leaders, who urged Mr. Trump to exercise restraint in the interest of worldwide security and multilateralism".
European countries say Mr Trump's decision will increase the risk of conflict in the region.
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