After unilaterally pulling out of the deal meant to curb Iran's nuclear capabilities earlier this year, the White House said it would reapply sanctions on the country's energy, financial and shipping sectors.
The sanctions end all the economic benefits America granted Tehran for its 2015 nuclear deal with world powers, though Iran for now continues to abide by the accord that saw it limit its enrichment of uranium.
Thousands of students in the government-organised rally in the capital Tehran, broadcast live by state television, burned the Stars and Stripes, an effigy of Uncle Sam and pictures of President Donald Trump outside the leafy downtown compound that once housed the USA mission.
The EU, France, Germany, and Britain - all co-signatories, along with Russian Federation and China, to the nuclear deal with Iran - said in a joint statement on Friday they regretted Trump's decision to restore sanctions on Iran.
According to The Guardian however, "inside Iran. people are on tenterhooks".
"Iran is the most experienced country in the world at handling sanctions".
But Trump denounced the nuclear deal, approved by his predecessor Barack Obama, as flawed in Iran's favor and withdrew Washington from the pact in May. The waiver would be granted for six months period and then would be re-evaluated by the United States, Special US Representative on Iran, Brian Hook told reporters.
Mr. Trump himself has embraced the sanctions as he faces a tough mid-term election in the USA that could change the balance of power in Congress.
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United States to Grant Waivers to Some Countries Importing Iran Oil
What's the point?Oil is big business in Iran, with exports accounting for more than a tenth of gross domestic product in 2017. Washington will on Monday reintroduce far-reaching sanctions on Iran's vital oil sales and banking sectors.
Iranian Foreign Minister Mohammed Javad Zarif spoke by telephone with the European Union's foreign policy chief, Federica Mogherini, and his counterparts from Germany, Sweden, and Denmark about pending European measures to counter the U.S. sanctions, Iranian state news agency IRNA reported.
In response, Iranian President Hassan Rouhani said in speech broadcast on state TV that Iran would break the sanctions and continue to sell oil.
They aim to significantly reduce Iran's oil exports - which have already fallen by around one million barrels a day since May - and cut it off from worldwide finance.
The holes in Trump's strategy were outlined in an article in the New York Times earlier this week, pointing out that China and India will continue to buy Iranian oil in addition to Turkey and Russian Federation.
However, President Donald Trump's personal lawyer, Rudy Giuliani, and National Security Adviser John Bolton both have made public statements supporting overthrowing Iran's theocratic Government. They are reported to include U.S. allies India, Italy, Japan and South Korea. "Hundreds of businesses have departed Iran", he said.
Later a senior State Department official told reporters that the USA was ready for talks with Iran. "They will definitely have a gradual escalating impact on economic conditions and, subsequently, on the relations between Iran and the US".
The US is seeking to "alter" Iranian behavior with the sanctions, and has been leaking out a stream of 12 demands it wants to see Iran agree to in exchange for re-lifting the economic penalties.
"We are in the economic war situation", he said. But "Iran has weathered multiple rounds of sanctions before". "This is a substantial drop", she said, adding that the ultimate goal was to deprive the regime of revenue it gets from oil.