Trump says Iran sanctions are back, asks for nothing less than 'WORLD PEACE'

  • President Donald Trump heralded the return of US sanctions on Iran on Tuesday and seemed to tie those sanctions to a push for "nothing less" than world peace.
  • As of midnight on Tuesday, the US reimposed sanctions on Iran, which cut access to US banking, and hit precious metal sales, the auto industry, and insurance of sovereign debt. 
  • Iran is in a tight spot as Trump hits them with heavy sanctions that global markets are more or less getting in line with. 
  • Trump is pushing a summit on Iran, but that would play domestically in Iran as a humiliating defeat. 

President Donald Trump heralded the return of US sanctions on Iran on Tuesday and seemed to tie those sanctions to a push for "nothing less" than world peace.

"The Iran sanctions have officially been cast. These are the most biting sanctions ever imposed, and in November they ratchet up to yet another level. Anyone doing business with Iran will NOT be doing business with the United States. I am asking for WORLD PEACE, nothing less!" Trump tweeted.

As of midnight on Tuesday, the US reimposed sanctions on Iran, cutting their access to US banking. Other measures will affect precious metal sales, its automotive industry, and its insurance of sovereign debt.

The European Union expressed its deep regret that Trump had exited the US from the Iran deal and sought to punish the Islamic republic. Iran said it was the US who would come to regret the decision.

European countries involved in the deal have sought to create "blocking regulations" that would protect their businesses from US sanctions, but they're an entirely unproven method.

Critics of Trump's withdrawal have said he has damaged the US's reputation abroad and increased the probability of Iran building a nuclear weapon. Iran has remained in the deal despite the US exit. 

The Iran deal includes "snapback" provisions, meaning that, if a party violates the deal, there are contingencies for how to quickly reimpose sanctions.

For that reason, businesses pondering investment in Iran already had plans to pull out when Trump, not Tehran, exited the deal, meaning the pullout was swift and damaging as many big companies couldn't stomach the risk.  

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Trump pulls US from Iran nuclear deal
US President Donald Trump signs a document reinstating sanctions against Iran after announcing the US withdrawal from the Iran Nuclear deal, in the Diplomatic Reception Room at the White House in Washington, DC, on May 8, 2018. (Photo by SAUL LOEB / AFP) (Photo credit should read SAUL LOEB/AFP/Getty Images)
U.S. President Donald Trump announces his intention to withdraw from the JCPOA Iran nuclear agreement during a statement in the Diplomatic Room at the White House in Washington, U.S., May 8, 2018. REUTERS/Jonathan Ernst
US President Donald Trump signs a document reinstating sanctions against Iran after announcing the US withdrawal from the Iran Nuclear deal, in the Diplomatic Reception Room at the White House in Washington, DC, on May 8, 2018. (Photo by SAUL LOEB / AFP) (Photo credit should read SAUL LOEB/AFP/Getty Images)
U.S. President Donald Trump announces his intention to withdraw from the JCPOA Iran nuclear agreement during a statement in the Diplomatic Room at the White House in Washington, U.S., May 8, 2018. REUTERS/Jonathan Ernst
U.S. President Donald Trump reacts to a question from the media after announcing his intention to withdraw from the JCPOA Iran nuclear agreement during a statement in the Diplomatic Room at the White House in Washington, U.S., May 8, 2018. REUTERS/Jonathan Ernst
U.S. President Donald Trump announces his intent to withdraw from the JCPOA Iran nuclear agreement in the Diplomatic Room at the White House in Washington, U.S., May 8, 2018. REUTERS/Jonathan Ernst
WASHINGTON, DC - MAY 08: U.S. President Donald Trump holds up a memorandum that re-instates sanctions on Iran after he announced his decision to withdraw the United States from the 2015 Iran nuclear deal in the Diplomatic Room at the White House May 8, 2018 in Washington, DC. After two and a half years of negotiations, Iran agreed in 2015 to end its nuclear program in exchange for Western countries, including the United States, lifting decades of economic sanctions. Since then international inspectors have not found any violations of the terms by Iran. (Photo by Chip Somodevilla/Getty Images)
US President Donald Trump announces his decision on the Iran nuclear deal in the Diplomatic Reception Room at the White House in Washington, DC, on May 8, 2018. (Photo by SAUL LOEB / AFP) (Photo credit should read SAUL LOEB/AFP/Getty Images)
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Iran stands in the midst of a currency crisis and has resorted to violent suppression of civilian protests across the country. Top political and military leaders in Iran have threatened military retaliation to Trump's sanctions, but experts dismiss that as bluster.

Meanwhile, Trump has pushed for talks with Iran's leadership, although that could embarrass the theocratic leaders of the Islamic Republic, as they see themselves as holy warriors fighting US hegemony. 

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