Trump defends decision to pull U.S. out of Iran nuclear deal

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"It's now up to Washington to come up with concrete proposals".

Iranian Parliament Speaker Ali Larijani said Trump has staged "a diplomatic show" for more than a year over the withdrawal from the JCPOA.

Noting that the International Atomic Energy Agency in February 2015 had stated that Iran is compliant with the terms of the agreement, the Left party said the European allies of the U.S., who have disapproved of Trump's action, should work with Russian Federation and China to maintain the pact.

It's not clear whether the European Union and other signatories China and Russian Federation will be able to ensure Iran receives the deal's promised economic benefits.

Iran re-emerged as a major oil exporter in 2016 after worldwide sanctions against it were lifted in return for curbs on its nuclear program. Protests that spread through several Iranian cities in December and January were linked to stagnation and rising costs of living, as the nuclear deal failed to deliver economic liftoff. It also agreed to reduce its stockpile of enriched uranium by 98% and limit uranium enrichment to 3.67%.

But why is Iran giving the other parties a chance to keep the deal alive?

USA has backed out of the deal it, along with six other world powers, had stitched with Iran just three years ago to limit the Islamic Republic's nuclear programme. The IAEA has repeatedly found Iran to be complying with the terms of the pact.

Iran and the USA have been enemies for decades.

Moreover, the commander of the Islamic Revolution Guards Corps (IRGC) on Wednesday said that the US exit from the JCPOA is a "good omen" for Iran.

We noted that Iran was a rogue state that had fomented terror and destruction throughout the Middle East and had vowed the annihilation of Israel.

Saudi Arabia will seek to develop its own nuclear weapons if Iran does, Foreign Minister Adel al-Jubeir told CNN on Wednesday, amid spiraling tension between the regional rivals.

Obama's deal did nothing to stabilize the region.

Mr Trump also left open the possibility of a new deal: "We'll make either a really good deal for the world or we're not going to make a deal at all". All the deals are dependent on US licenses because of the heavy use of USA parts in commercial planes. "In the years since the deal was reached, Iran's military budget has grown by nearly 40 percent, while its economy is doing very badly". "This will get the Iranians back to the fast way to obtain a nuclear bomb in few years".

Oil prices pushed higher in early trading on Wednesday after U.S. President Donald Trump walked away from an global nuclear deal with Iran, a move that may curb the OPEC-member's crude exports in an already tight market. "The Iran deal is defective at its core".

There was a predictably mixed reaction from Congress. Senate Majority Leader Mitch McConnell, a Kentucky Republican, said the Iran deal "was flawed from the beginning", and he looked forward to working with Trump on next steps. I believe that both sides will negotiate a deal.

"President Trump said himself last night that he is committed to finding a new solution and we should hold him to his word". Some will return within 90 days, while others will be reimposed within 180 days.

"The U.S. decision makes no difference to the British assessment that the constraints imposed on Iran's nuclear ambitions by the JCPOA remain vital for our national security and the stability of the Middle East".

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