In Iran, hardliners are burning the deal and the American flag

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President Trump on Tuesday said the United States was exiting the accord, claiming it did nothing to stop Iran from one day possibly seeking nuclear weapons.

"There is a United States withdrawal from the agreement, but the agreement exists", the minister said.

Trump's justification for abandoning the deal rests on a series of flawed assertions and a disregard for the value of agreement, known as the Joint Comprehensive Plan of Action (JCPOA). In particular, they worry that should Iran succeed in its efforts to establish permanent bases in Syria, it would open a new and unsafe front against Israel.

The currency lost close to half of its value in the six months to April in anticipation of a pullout by Washington from the nuclear deal.

The Chahabar port isn't the only project that could take a hit - there's also the $1.6 billion India-Iran-Afghanistan railway line, and the International North South Transport Corridor (INSTC).

USA allies in Europe had tried to keep Trump in and lamented his move to abandon it. Iran's leader ominously warned his country might "start enriching uranium more than before".

"Iran is subject to the world's most robust nuclear verification regime under the JCPOA, which is a significant verification gain".

Larijani also urged the country's nuclear agency to prepare for "resumption of all aspects of nuclear activities".

Worldwide inspectors have reported 10 times that Iran is adhering to the limits set by the deal. Even critics of the deal, such as Secretary of State Mike Pompeo, have admitted that there is no evidence that Iran is in violation of the agreement.

It now leaves a gapping hole in the deal - a signature foreign policy achievement of the Obama administration - as Trump officials move toward reimposing economic sanctions.

Trump has yet to implement his withdrawal from the Iran deal.

"With all of the places they're involved, it's bedlam and death and we can't allow that to happen", he said, adding: "They've gotta understand life". The move wasn't much of a surprise even to the closest allies of the USA, what with Mr Trump losing no opportunity to run down the deal since he assumed office a year ago. The U.S. aviation firm Boeing also secured a contract, but that is now likely to be abandoned. America's partners in the deal, particularly Washington's European allies, have already rejected Trump's plan to use sanctions to coerce Iran into accepting new terms and pledged to sustain the current agreement.

"The worldwide reach of USA sanctions makes the US the economic policeman of the planet, and that is not acceptable", French Finance Minister Bruno Le Maire said Wednesday in an interview on France Culture radio. "It's up to them what to do with the deal, but (from now on) naive individuals would accept to enter talks with such a country".

Iranian President Hassan Rouhani said Tehran will remain in the deal with remaining members - China, France, the United Kingdom, Russia and Germany - at least for now.

President Rouhani of Iran makes his address to the nation.

The three countries are signatories to the nuclear agreement alongside the US, European Union, Russia, China and Iran.

"The E.U. can take steps to mitigate the impact of the sanctions, but overall, companies will be scared". There are serious nonproliferation consequences beyond Iran's borders.

Iran has denied ever pursuing nuclear arms.

His decision raises the risk of deepening conflicts in the Middle East, puts the United States at odds with European diplomatic and business interests, and casts uncertainty over global oil supplies.

In his speech, Mr Trump referred to Israeli intelligence as a reason for believing that Iran was not upholding their end of the deal.

Trump says the JCPOA has failed to prevent Iran from developing nuclear weapons or supporting terrorism in the region.