"As long as Iran continues to implement its nuclear related commitments. the European Union will remain committed to the continued full and effective implementation of the nuclear deal", the 28 European Union governments said in a joint statement.
The US will now reinstate all the sanctions it had waived as part of the nuclear accord, and it will impose additional economic penalties that are now being drawn up by the Treasury Department, The New York Times reported.
Meanwhile, Iranian President Hassan Rouhani said that the JCPOA will stay in place if the other sides to the agreement ensure that Iran's interests will continue to be met in absence of U.S. participation.
The administration said it was giving most worldwide companies 90-day and 180-day "wind-down periods" to exit contracts and ventures in Iran.More news: David Price diagnosed with mild carpal tunnel, Red Sox relieved
On Nov. 4, the USA will re-impose sanctions on other activities including Iran's oil and shipping industries and its energy sector, as well as on transactions by foreign financial institutions with the Central Bank of Iran.
Mnuchin, speaking to reporters at a news briefing, declined to identify countries which may add output, saying there had been conversations with "different parties that would be willing to increase oil supply to offset this". "The U.S. ban on importing Iranian crude had never been lifted, and U.S. companies are not directly involved in Iran's energy sector".
On Aug. 6, the USA government will re-impose sanctions on activities such as the acquisition of US dollar banknotes by the Iranian government, Iran's trade of gold and precious metals and the country's automotive sector. Fuel prices could go higher if America's European and Asian allies stop buying Iranian crude for fear their companies will otherwise be punished by the USA, according to Molchanov. He said Boeing's 777 production plan "is not dependent on the Iranian orders".
For such companies, Iran's value lies more in its potential for growth - the country has been deprived of investment for years and has a young demographic.
The aircraft sales were among the most-sought-after contracts for Iran.
The U.K. government updated its guidelines on exporting to Iran shortly after Trump's announcement Tuesday, saying the re-imposition of the USA sanctions against Iran "may have implications for U.K. businesses and individuals dealing with Iran". Detractors claimed it still allowed Iran more leeway to finance unrest in Yemen, Syria and Lebanon. "They worked last time. That is why Iran came to the table".