The U.S. Treasury said on Tuesday that the United States would reimpose a wide array of Iran-related sanctions after the expiry of 90- and 180-day wind-down periods, including sanctions aimed at Iran's oil sector and transactions with its central bank.
The nuclear deal was negotiated by then-president Barack Obama with Britain, China, France, Germany and Russian Federation to limit Iran's nuclear activities in return for relief from crippling worldwide sanctions coordinated by the Obama administration.
Speaking at a news conference in Paris on Friday, Le Maire added that Paris and its European allies are drawing up plans to submit proposals to the European Commission aimed at strengthening Europe's capacity to defend its economic interests.
Trump said Iran was not living up to the deal, citing Iranian documents that Israel said it stole from Iran earlier this year.
The meeting, which will also be attended by the German and French foreign ministers, has been convened by European Union high representative for foreign affairs Federica Mogherini.
Earlier, thousands of Iranians took to the streets in cities across the country to protest against the U.S. withdrawl.
No regime loyalists would dare say it, especially to an American reporter, but Iranians are furious with their own government's failure to deliver basics like electricity, water and decent wages.
"I have the impression that this impulse to destroy is not leading us anywhere good".
UN Secretary General Antonio Guterres has urged Donald Trump not to walk away from an worldwide deal created to prevent Iran acquiring nuclear weapons.
Many analysts expect oil prices to rise as Iran's exports fall.
"Trade has remained more or less at the same level", said Teotia. "It's going to be very hard and it's going to be very different from the past but our determination is to keep this agreement in place".
The best-case scenario is that Iran and the other signatories to the deal ignore our withdrawal.
Along with the UK, France, Germany and the EU, China and Russian Federation are the party to the deal.
Merkel and Russian President Vladimir Putin spoke Friday about the US decision.
She too had stern words for Trump today. "And then in six months, basically if they hadn't done that, then you would be in a much stronger position".
Instead, Iran is talking with Europe, Russia and China to see if the deal can be kept alive, though that is far from assured.