President Donald Trump signed Tuesday a directive restoring his "maximum pressure" sanctions campaign on Iran and doubled down on his trade stance with China, dismissing Beijing's retaliatory tariffs as "fine.

U.S. President Donald Trumpon 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.

Oil prices on the New York commodity exchange are dropping after China imposed tariffs on American goods, including oil and liquefied natural gas. Brokers report that investors are also worried about US sanctions on Iran.

Donald Trump's "maximum pressure" strategy is aimed at starving Iran of the resources it needs to continue nuclear weapons development,.

U.S. concerns about Iran developing nuclear weapons are not a complicated issue and can be resolved given Tehran's opposition to weapons of mass destruction, Iran's Foreign Minister Abbas Araqchi said on Wednesday,

President Donald Trump signed a memorandum reviving an aggressive approach to Iran as his new administration pressures the government in Tehran.