On Friday (local time), Mr Trump said he would waive nuclear sanctions against Iran for the last time to give Washington and its European allies a chance to fix the "terrible flaws" of the 2015 nuclear deal.
Trump is also seeking for a follow-on agreement with the European allies that will eliminate the "sunset" clauses in the current agreement, said senior Trump administration officials who briefed reporters on the decision on Friday afternoon.
In the statement, Trump listed his conditions for legislation that would address future USA participation and called on European allies "to join with the United States in fixing significant flaws in the deal, countering Iranian aggression, and supporting the Iranian people".
President Trump is not pulling the US out of a deal that it and other world powers made with Iran to limit Iran's nuclear program, at least not yet.
The deal between Iran and the six countries - the United States, Britain, France, Germany, China and Russian Federation - was signed in 2015 under the previous administration of Barack Obama in order to curb Tehran's nuclear program in return for the lifting of sanctions.
"I hereby call on key European countries to join with the United States in fixing significant flaws in the deal, countering Iranian aggression, and supporting the Iranian people", he said.
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But he coupled that announcement with new sanctions on 14 Iranian individuals and entities - among them Ayatollah Sadeq Amoli Larijani, head of Iran's judiciary.
"The Iran nuclear deal makes the world safer".
The President laid out several conditions for a fix to the deal that would keep the United States in.
The US sanctions also targeted two other Iranian officials whom the administration said are responsible for ordering abuses against citizens, including the denial of medical care and access to legal representation for protesters in Iranian jails. Also on Friday, the United States imposed separate sanctions on a dozen Iranian individuals and Iranian entities.
A decision to withhold a waiver would have effectively ended the deal that limits Iran's nuclear program.
Ryabkov said the US withdrawal from the deal would damage other worldwide agreements.
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"If other nations fail to act during this time, I will terminate our deal with Iran", he said.
President Trump said he was giving Europe and the United States "a last chance" to fix "terrible flaws" in the nuclear agreement signed by Iran and six world powers in 2015. Iran must allow "immediate inspections at all sites requested by worldwide inspectors", he said, and "sunset" provisions imposing limits on Iran's nuclear program must not expire.
That in turn would cause crude prices to rise by $5 a barrel, Citigroup wrote, "as customers losing oil under USA pressure scramble for replacements at a time when OPEC and other producers have put a lid on their output". "He wants to deny Iran access to nuclear weapons forever and not just for 10 years", one of the officials said.
Yuhua was blacklisted for "selling navigation-related equipment" to a designated Iranian company, the agency said. One official said the actions "will send a very strong message that the United States is not going to tolerate their continued abuses". He wants a more aggressive approach to Iran over its nuclear and ballistic missile programmes.
The president charged that Iran has gotten "far too much in exchange for far too little", and threatened not to renew the waivers when the next approval period comes.
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