Trump reimposes 'maximum pressure' on Iran, aims to drive oil exports to zero

U.S. President Donald Trump on Tuesday restored his "maximum pressure" campaign on Iran that includes efforts to drive its oil exports down to zero in order to stop Tehran from obtaining a nuclear weapon, Reuters reports. 

Ahead of his meeting with Israeli Prime Minister Benjamin Netanyahu, Trump signed the presidential memorandum reimposing Washington's tough policy on Iran that was practiced throughout his first term.

As he signed the memo, Trump described it as very tough and said he was torn on whether to make the move. He said he was open to a deal with Iran and expressed a willingness to talk to the Iranian leader.

"With me, it's very simple: Iran cannot have a nuclear weapon," Trump said. Asked how close Tehran is to a weapon, Trump said: "They're too close."

Iran is "dramatically" accelerating enrichment of uranium to up to 60% purity, close to the roughly 90% weapons-grade level, the U.N. nuclear watchdog chief told Reuters in December.

Iran has denied wanting to develop a nuclear weapon.

Trump's memo, among other things, orders the U.S. Treasury secretary to impose "maximum economic pressure" on Iran, including sanctions and enforcement mechanisms on those violating existing sanctions.

It also directs the Treasury and State Department to implement a campaign aimed at "driving Iran's oil exports to zero." 

Tehran's oil exports brought in $53 billion in 2023 and $54 billion a year earlier, according to U.S. Energy Information Administration estimates.