The US President Donald Trump quit the Ian nuclear deal on Wednesday calling it defective to the core.
In a statement, he said, “It is clear to me that we cannot prevent an Iranian nuclear bomb under the decaying and rotten structure of the current agreement. The Iran deal is ‘defective’ at its core.”
Moreover, he vowed to re-impose sanctions on Tehran. He warned the Iranians deserve a better government. Trump added that any country that helps Iran get nuclear weapons will also be strongly sanctioned.
“This was a horrible one-sided deal that should have never, ever been made,” he said.
Trump’s decision could have explosive consequences straining longstanding US alliances, disrupting oil markets and boosting tensions in the Middle East, even if the US reversal doesn’t lead Iran to restart its atomic program.
While Trump supporters praised the move, analyst and critics said it can affect future negotiations, particularly with North Korea.
Former President Barack Obama who rarely comments on his predecessor issued a statement describing Trump’s move as ‘serious mistake’.
The leaders of France, Germany and the UK issued a joint statement expressing their concern over the decision.
“Together, we emphasize our continuing commitment to the JCPOA [Joint Comprehensive Plan of Action]. This agreement remains important for our shared security,” they said.
EU foreign policy chief Federica Mogherini said the European Union was determined to preserve the agreement.
The decision affected the markets as oil prices initially slumped and later rebounded after Trump’s announcement at the end of the trading session, and then sold off again to settle lower.
In stocks, equities were volatile and ended the day unchanged while dollar pulled back against other major currencies.