Trump Expected To Withdraw U.S From Iran Nuclear Deal

U.S President Donald Trump is expected to announce on Tuesday that the United States will withdraw from the Iran nuclear deal negotiated by his predecessor, Barack Obama, state media reports.

According to the New York Times, Trump made the revelation to President Emmanuel Macron of France this morning that he will pull the country out of the deal, a move kicked against by other U.S allies.

A person familiar with the deal told the media outfit that the United States will reinstate all sanctions it had waived aimed at Iran’s oil exports and impose additional economic penalties on Iran.

Trump has been a harsh critic of the nuclear deal signed by Obama, promising during his campaign he would rip it up.

U.S European allies, especially France, Germany and the UK have committed to staying in the deal, with Trump’s decision likely to strain America’s relations with Europe.

Macron was one of several European leaders who had lobbied Trump to remain in the deal, arguing it remains the best way to curtail Iran’s nuclear ambitions. Both Macron and German Chancellor Angela Merkel visited Washington to make their appeals in person.

Trump spoke early in the day with Chinese President Xi Jinping and phoned Macron mid-morning.

Some traders say Trump will leave his administration wiggle room to continue negotiating a revised nuclear deal with European allies.

The officials cautioned nothing is final until Trump makes his announcement from the Diplomatic Room of the White House at 2 p.m. ET, and held the President may offer the deal’s proponents an opening to negotiate.

Meanwhile, Oil prices fell early Tuesday after news emerged that Trump will restore sanctions which target Iran’s oil exports.

According to CNBC, U.S. West Texas Intermediate crude oil was down $1.81 a barrel, or 2.6 percent at $68.92 by 11:15 a.m. ET (1515 GMT). The contract rose as high as $70.84 on Monday and ended the session about $70 a barrel for the first time since November 2014.