UPDATED 11:30 AM PT — August 5, 2018
President Trump is set to reimpose several sanctions against Iran, following his decision to pull out of the Iran nuclear deal.
On Monday, the Trump administration is expected to announce the first wave of sanctions targeting Iranian automobile exports, trade and resources needed for nuclear development.
The president pulled out of the deal back in May and gave a grace-period for U.S. allies to make prep for the fallout like cutting ties with Iranian businesses.
The administration threatened to punish any country still making deals with the Islamic republic when the sanctions take effect.