He also reiterated that on November 5, the United States would also resume sanctions against Iran's energy-related transactions, as well as business conducted by foreign financial institutions with the Central Bank of Iran.
President Trump said on Monday the United States was "fully committed to enforcing all of our sanctions" and would aim "to ensure complete compliance". "I am asking for WORLD PEACE, nothing less", he added.
"We are determined to protect European economic operators engaged in legitimate business with Iran", the foreign ministers of Britain, France, Germany and the European Union said in a joint statement on Monday. He said Iran has used "the windfall of newly accessible funds" it received "to build nuclear-capable missiles, fund terrorism, and fuel conflict across the Middle East and beyond".
Iran has accused the US of reneging on the nuclear agreement, signed by the Obama administration, and of causing the country's recent economic unrest.
The sanctions follow the U.S. withdrawal from the Joint Comprehensive Plan of Action, also known as the Iran nuclear deal, earlier this year.
Mr Trump warned that those who do not wind down their economic ties to Iran "risk severe consequences".
The Europeans didn't like any of it.
Trump pulled the USA out of the deal limiting Iran's nuclear activities.
And EU foreign affairs chief Federica Mogherini has gone further by urging European businesses to do their bit to save the Iran nuclear deal by boosting trade with the country.
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Iranian Foreign Minister Mohammad Javad Zarif told reporters the global reaction to Trump's move showed that the United States was diplomatically "isolated", but acknowledged the sanctions "may cause some disruption".
In a TV appearance, Iran's President Hassan Rouhani accused Washington of "wanting to launch a psychological war against the Iranian nation". Speaking in a television interview, he also demanded compensation for decades of American "intervention" in the Islamic Republic. The currency's collapse and soaring inflation have sparked sporadic demonstrations in Iran against profiteering and corruption, with many protesters chanting anti-government slogans.
The impact of the return of sanctions has ramped up tensions inside Iran, which has seen days of protests and strikes in multiple towns and cities over water shortages, high prices and wider anger at the political system.
Most Iranians see United States hostility as a basic fact of life, so their frustration is largely directed at their own leaders for not handling the situation better. The administration insists that a "change of behaviour", and not regime change, is the goal, but John Bolton, Mr Trump's national security adviser, has promoted regime change in the past and there is little to indicate that...
"We are doing our best to keep Iran in the deal, to keep Iran benefitting from the economic benefits that the agreement brings to the people of Iran, because we believe that this is (in) the security interests not only of our region but also of the world".
Other countries have also asked European Union officials for details on the blocking regulations, as they explore ways to bypass sanctions. "That's the ask. It's pretty simple", said Mr Pompeo.
Israeli Prime Minister Benjamin Netanyahu hailed the renewed sanctions as "an important moment for Israel, for the USA, for the region, for the whole world".
He said the USA has long designated Iran as the world's foremost state sponsor of terrorism.
The European commission today put in place never-before-used legislation to protects the continent's firms from U.S. sanctions which not only target Tehran but their trading partners.