President Trump on Tuesday announced the United States was pulling out of the Iran nuclear deal and will reinstate sanctions on the Iranian regime.

“This was a horrible one-sided deal that should have never, ever been made,” Trump said at the White House. “It didn’t bring calm, it didn’t bring peace, and it never will.”

Trump added that the United States would be "insituting the highest level of economic sanction" on Iran.

“Any nation that helps Iran in its quest for nuclear weapons could also be strongly sanctioned by the United States," he added. "America will not be held hostage to nuclear blackmail.”

 In conjunction with this announcement, the President issued a National Security Presidential Memorandum (NSPM) directing the U.S. Department of the Treasury and other departments and agencies to take the actions necessary to implement this decision.

In response, the Treasury’s Office of Foreign Assets Control (OFAC) said it is taking immediate action to implement the President’s decision. Sanctions will be re-imposed subject to certain 90-day and 180-day wind-down periods.

“At the conclusion of the wind-down periods, the applicable sanctions will come back into full effect,” the Treasury Department stated. “This includes actions under both our primary and secondary sanctions authorities.”

The Department of the Treasury’s Office of Foreign Assets Control (OFAC) today posted to its website Frequently Asked Questions (FAQs) that provide guidance on the sanctions that are to be re-imposed and the relevant wind-down periods.