President Donald Trump said he will scrap the 2015 Iran nuclear deal, officially known as the Joint Comprehensive Plan of Action, if lawmakers and the other parties to the agreement fail to rework it to his satisfaction.

"In the event we are not able to reach a solution working with Congress and our allies, then the agreement will be terminated," Trump said in a speech Oct. 13 in which he outlined his administration's approach to Iran. "It is under continuous review, and our participation can be cancelled by me, as president, at any time."

Trump said he would not Decertifying Iran's compliance with the deal and would instead send the issue to Congress. He said Iran is "not living up to the spirit" of the accord, which limits the country's nuclear activities. He accused Iran of supporting terrorist groups and acting aggressively in the Middle East and globally.

As part of the new approach, the U.S. Treasury Department imposed new sanctions on Iran's Islamic Revolutionary Guard Corps and Iran-based entities Shahid Alamolhoda Industries, Rastafann Ertebat Engineering Co. and its parent firm, Fanamoj. China-based Wuhan Sanjiang Import and Export Co. Ltd. was also sanctioned.