"I can only tell you we cannot ever let Iran have a nuclear weapon and it won't happen".
The sanctions are expected to target Iran's supreme leader as part of the response to the country shooting down an American surveillance drone in global waters.
Despite ordering a military strike on Iranian targets in response to the aggressive attack, Trump called it back. 'I think a lot of restraint has been shown by us - a lot of restraint - and that doesn't mean we're going to show it in the future, ' he added.
Ultimately, Iran wants to be treated as a major Middle Eastern power whose interests must be respected.
"I know many Iranians living in NY, and they're fantastic people", Trump stated.
USA especial envoy to Iran Brian Hook touched on the matter during a recent interview.
Tensions between Iran and the US have escalated recently following Iran's shootdown of a USA drone and US cyberattacks against an Iranian intelligence group.
Crude and brent prices have spiked in recent weeks after a U.S. drone was shot down by Iran.
The Treasury Department, in a news release, said "any foreign financial institution that knowingly facilitates a significant financial transaction for entities designated under this Executive Order could be cut off from the US financial system".
At home, Trump has taken criticism for sending mixed messages to Iran.
Trump has previously said he would be open to talks with Iranian leaders, but Tehran has rejected such an offer unless Washington drops the sanctions. Iran, in turn, has denied that it is behind the attacks.
President Donald Trump is threatening Iran with additional sanctions on Monday, but there's not much left for the U.S.to target because most of the Islamic Republic's economy has been crippled by earlier penalties. "As President Trump said on Friday, our military is rebuilt, new and ready to go".
Iran, crippled by existing United States sanctions that include the blocking of most of its crucial oil exports, sought to play down the United States move.
"You can't have nuclear weapons, and if you want to talk about it, good".
Tensions continue to rise between the United States and Iran following last week's sharp escalation in which Tehran downed a USA drone and the US conducted cyberattacks against an Iranian intelligence group. Media asked if the claimed cyber attacks against Iran are true.
Earlier in the day, Iranian Foreign Minister Mohammad Javad Zarif reportedly told his country's lawmakers that Iran will continue to stand firm against USA sanctions and threats "with full power".
"We want them to be more desperate", McCaul said on CBS's "Face the Nation" news program. Trump called the worldwide deal negotiated by his predecessor, former President Barack Obama, "a disaster".
The executive order is aimed at pushing Tehran back to one-on-one talks with the USA over its nuclear weapons program after Trump previous year withdrew from the 2015 worldwide pact restraining Iran's nuclear program in exchange for sanctions relief. Pompeo met Monday with Saudi King Salman and Crown Prince Mohammed bin Salman.