On 8 May 2018, President Trump announced his decision to cease the United States' participation in the Joint Comprehensive Plan of Action (JCPOA).
Revocation of the General License H, which authorized US owned or controlled foreign entities to engage in certain activities involving Iran.
Maas said the Europeans wanted to wanted to ensure that Iran would continue to abide by the rules and restrictions of the nuclear agreement.
Several Irish firms began trading with Iran, the Middle East's second-largest economy, in the wake of the 2015 deal to control Tehran's nuclear ambitions, which led to the lifting of long-standing global sanctions and the resumption of formal trade ties with several European countries. The withdrawal of the USA from the deal does not mean it has ended; however, it is an offense to European Union - one of the closest ally to the former nation.
Germany, the United Kingdom, and France have significant trade links with Iran and remain committed to the nuclear agreement.
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However, the United States withdrawal seriously jeopardises the legitimacy of the agreement.
Foreign Minister Heiko Maas said, however, that it could be hard to protect European firms from any fallout from the US decision. In retaliation, Iran would mobilize allies such as Iraq, Lebanon and Syria, leading to a full-fledged war in Europe's neighborhood, which would put the continent also at risk.
Calling the accord as an "embarrassment" that was "defective at its core", he also warned of severe consequences if Iran resumes its nuclear programme.
Economy Minister Peter Altmaier said Germany viewed President Donald Trump's unilateral withdrawal from the nuclear pact as wrong, adding that Berlin hopes Washington can still be persuaded not to punish foreign firms doing business there. This prospect comes with its own set of complications. Apart from this, energy prices would rise, trafficking would increase and terrorist activities would flourish.
The question is whether the remaining signatories - the so-called EU-3, Russian Federation and China - can deliver the benefits of the accord, including access to global oil markets, trade and investment, that enticed the Iranians to join the agreement. France-Iran trade also took a hit in 2006, but it grew 118 percent from January-October 2017 when the sanctions were lifted. These exports include boilers, pharmaceutical and chemical products, vehicles, machinery, aircraft, plastics, spacecraft, nuclear reactors, etc.
"The only way to avoid pain from these sanctions is negotiating with the US, but the instruments are not easy to find", Volker Treier, deputy managing director of Germany's Association of Chambers of Commerce and Industry, said in an interview.