European businesses most affected by US sanctions on Iran

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In October, Trump announced he would not permit US certification of Iranian compliance with the deal, setting the United States on the path that it reached on Tuesday.

Iran, which has since 2016 managed to regain customers in Europe and Asia, with the former accounting for 40 per cent of all its exports will likely see a hit of 500,000 bpd this time, said Homayoun Falakshahi, Iran upstream analyst at consulting firm Wood Mackenzie.

Asked whether Riyadh would "build a bomb itself" if Tehran seizes on Washington's withdrawal from the 2015 Iran deal to resume a nuclear weapons program, Jubeir said: "If Iran acquires nuclear capability we will do everything we can to do the same".

The government pledged to "do all it can" to shield companies trading with the Middle East nation from the sanctions threatened by the US President.

"The kingdom supports and welcomes the steps announced by the US president toward withdrawing from the nuclear deal. and reinstating economic sanctions against Iran", Saudi Arabia's foreign ministry said. "It didn't bring calm, it didn't bring peace, and it never will".

Obama, the master of appeasement in USA foreign relations, called Trump's decision "misguided" and a "serious mistake".

In Iran, many are deeply concerned about how Trump's decision could affect the already struggling economy.

That one-sided agreement was crafted by his predecessor, Barack Obama, along with Britain, France, Germany, Russia and China.

It is shaping up as a discussion that will expose a major cleavage between the USA and its G7 partners.

More news: Oil jumps 3 percent after United States quits Iran deal, USA stock drawdown

Trump's decision and his threats to Iran raise questions about what legal grounds the United States can use to enforce Iranian compliance now that it has walked away from the global pact, and whether the President is gunning for a confrontation.

"Europeans are slowly discovering Trump's "hot potato" doctrine", she said, describing how Trump's habit of provoking unnecessary diplomatic battles then daring others to resolve them. "Democrats will continue to show strong, smart leadership to keep our country safe".

How do key powers see Mr Trump's decision? Both congressmen - Woodall's district includes a large portion of Gwinnett while Hice's includes the Dacula and Braselton areas - are each facing opponents from within their own party, as well as from Democrats this year. At the time the deal was signed, all countries agreed to lift economic sanctions on Iran within a year with the provision that if they were to fall out of compliance, the sanctions would be reinstituted.

Georgia's US senators are also backing the president's decision.

With sanctions lifted in 2016, Iran gained access to more than US$100 billion in frozen assets overseas, and was able to resume selling oil and using the global financial system for trade, according to a BBC report.

"That's the posture you take when you're looking for confrontation", said Trita Parsi, president of the National Iranian American Council. So we felt that it was a good agreement which worked for European security as well as the security of other countries.

"The Iranian regime is the leading state sponsor of terror".

German auto giant Daimler has partnered with an Iranian company to sell trucks; Daimler's Mercedes-Benz division said last September it would invest $1 billion in the United States to expand an Alabama plant, hiring 600.

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