PUBLISHED: 03:22, Fri, Sep 18, 2020 | UPDATED: 03:22, Fri, Sep 18, 2020
Four sources close to the president said any arms companies, whether US or foreign, who trade arms with Iran will lose access to the lucrative American market. On October 18 a conventional arms embargo placed on Iran as part of the 2015 nuclear agreement is due to expire.
Donald Trump pulled out of the agreement in 2018 and the US has since re-imposed all UN sanctions on the country.
However, many other countries are refusing to re-impose these controls.
Britain, China, France, Germany and Russia, all of which signed up to the Iran nuclear deal, opposed President Trump’s decision to withdraw America from the agreement.
These countries, and others on the UN security council, argue the US doesn’t have the authority to re-impose UN sanctions unilaterally.
The US is planning to introduce new sanctions targeting arms trades with Iran (Image: GETTY)
The US is attempting to keep sanctions pressure on Iran (Image: GETTY)
US companies are already banned from trading arms with Iran, but the new rule would also block access to the American market for any foreign company that does.
President Trump is determined UN sanctions on Iran should effectively remain in place even after they expire on October 18.
A European diplomat admitted the American plan is serious as overseas companies don’t want to risk losing access to the US market.
There is speculation President Trump could use an executive order to instruct the new sanctions on companies that trade with Iran.
READ MORE: Iran threat - Tehran warns US of ‘strategic mistake’ after Trump pledge
The Iran nuclear deal was designed to stop Tehran acquiring nuclear weapons (Image: GETTY)