Other suspended sanctions that will be reimposed on November 4 will target the energy, shipping and insurance sectors, and the central bank of Iran.
If there is a new deal to be crafted, the Trump administration must nix the sunset clause that gave Tehran an early out on restrictions on its nuclear enrichment program after 2025.
Asked about any possible exemptions to the renewed sanctions, officials said they would examine any requests on a case-by-case basis.
"By returning to the JCPOA", he said, using the technical name for the 2015 nuclear deal.
The European Union's diplomatic chief Federica Mogherini said the bloc deeply regrets the U.S. move.
The Europeans didn't like any of it.
Hours before revived US sanctions were due to kick in, White House national security adviser John Bolton said Iran should pay heed to Trump's willingness to negotiate.
The ministers said the Iran deal is "crucial for the security of Europe, the region and the entire world", and the European Union issued a "blocking statute" on Monday to protect European businesses from the impact of the sanctions.
Under the blocking statute, European Union businesses can sue the USA administration in the national courts of member states.
Iranian president Hassan Rouhani said that Iran can still rely on China and Russian Federation to keep its oil and banking sectors afloat. Speaking in a television interview, he also demanded compensation for decades of American "intervention" in the Islamic Republic.
They have been delighted by the scattered protests that have already emerged as the Iranian economy crumbles, and will risk more in the hope of greater gains. The currency's collapse and soaring inflation have sparked sporadic demonstrations in Iran against profiteering and corruption, with many protesters chanting anti-government slogans.
Iranian Foreign Minister Mohammad Javad Zarif told reporters the global reaction to Trump's move showed that the USA was diplomatically "isolated".
Daimler (DDAIF) said in a statement that Iran's automotive markets have been significantly weaker than expected, and it had not yet resumed production or sale of Mercedes cars or trucks in the country. He added: "US hypocrisy knows no bounds".
Most Iranians see United States hostility as a basic fact of life, so their frustration is largely directed at their own leaders for not handling the situation better.
Secretary of State Mike Pompeo is echoing Bolton's statements.
"If the ayatollahs want to get out from under the squeeze, they should come and sit down".
"It is a commercial decision for companies whether they continue to work in Iran".
He called on the countries of Europe to join the USA, saying, "The time has come to stop talking; the time has come to do".
He said Washington was becoming isolated internationally and would come to regret imposing sanctions against the views of its allies and other world powers.
"The Iranian economy will undoubtedly shrink but if past is prologue, Iran is not going to change its regional policies even if it falls into a recession", he said.