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>> President Trump has issued an executive order reinstating sweeping sanctions on Iran, months after dropping out of the Iran nuclear deal. The sanctions are intended to put pressure on the Iranian economy by shutting down Tehran's ability to do business in US dollars, and targeting areas like Iran's shipping and oil sectors.
The move follows the administration's decision in May to withdraw from the nuclear deal negotiated between Iran and world powers, including the Obama administration.>> The Iran deal is defective at its core.>> Yara Bayoumy is reporting the story.>> The sanctions on Iran's oil industry are what are likely to have the biggest impact.
But there are still a number of questions there, as to the extent to which it will hurt the Iranian economy. Primarily among those is to what extent countries like India, like South Korea, and like China, will actually abide by these US sanctions.>> Trump's decision has opened a new rift with US allies in Europe.
>> So the EU expressed deep, deep regret that the United States is going to be imposing these sanctions.>> The EU telling companies there not to comply with the US demand to stop doing business with Iran.>> So one thing the EU has done is, it's created this new law, the so-called blocking mechanism, that theoretically shields European companies from sort of the adverse effects of US sanctions.
>> But even as the administration ramps up the economic pressure, it's also dangling the carrot of possible talks. With officials telling Reuters, Trump is ready to meet Iranian leaders at any time to negotiate a new nuclear deal.>> But we also see a bit of a muddied message that comes from the State Department.
For instance, where the line is, yes, Washington and Trump is willing, but Iran has to change its behavior first.>> Iranian President Hassan Rouhani dismissing the suggestion of talks with the US on Monday.>> What's the meaning of negotiations when you impose sanctions at the same time? It's like someone pulling a knife to stab a rival or an enemy in the arm, while at the same time claiming, we should be talking and negotiating.
>> Some of the new sanctions go into effect at midnight on August 7th, with the rest kicking in on November 5th.