BEDMINSTER TOWNSHIP, N.J. (CBSNewYork) — New U.S. economic sanctions on Iran went into effect at midnight. President Donald Trump signed an executive order from his New Jersey golf club restoring the sanctions lifted in the Obama administration’s 2015 Iran nuclear deal.

In May, Mr. Trump announced the U.S. was withdrawing from the Iran nuclear deal, calling it one-sided.

“The fact is this was a horrible one-sided deal that should have never, ever been made,” President Trump said.

The president tweeted earlier Tuesday:

“The Iran sanctions have officially been cast. These are the most biting sanctions ever imposed, and in November they ratchet up to yet another level. Anyone doing business with Iran will NOT be doing business with the United States. I am asking for WORLD PEACE, nothing less!”

The sanctions target Iran’s gold and metal industries, its auto sector and restrict Middle Eastern country from using U.S. dollars in financial transactions.

The Trump administration argues just the threat of sanctions has already made a difference, pointing to Iran’s plummeting currency, a worsening economy.

In an interview with Fox earlier Tuesday, National Security Adviser John Bolton said the White House isn’t looking for a regime change; it just wants to pressure Tehran to change its behavior.

“We want to see a much broader retreat by Iran from support from terrorism, away from nuclear program. Iran needs to be held accountable,” Bolton said.

In a joint statement, European foreign ministers said they deeply regret the sanctions and are taking measures to protect EU companies doing legitimate business with Iran. The allies have maintained and remained committed to the 2015 agreement.

“We really encourage the United States to start talking to its partners and Iran in order to be able to find a route forward,” UK Defense Secretary Gavin Williamson said.

As a result, intense anti-government riots broke out in Iran in recent days.

Despite the heightened hostility, last week President Trump offered up a meeting.

“No preconditions, no. If they wanna meet, I’ll meet. Anytime they want,” the president said.

Iranian President Rouhani said negotiations and sanctions can’t coexist, adding if someone has a knife in his hand and seeks talks he should first put the knife in his pocket.

Additional sanctions on Iran’s oil industry begin in November.