Ayesha Rascoe

Updated at 6:36 p.m. ET

President Trump announced Tuesday that he has decided to exit a 2015 multinational agreement in which Iran agreed to limit its production of nuclear weapons material.

"I am announcing today that the United States will withdraw from the Iran nuclear deal," Trump said.

He said the U.S. will reimpose economic sanctions that were lifted as part of the U.S. commitments made in the deal.