President Trump has confirmed what has been widely anticipated in recent days: that he is indeed pulling out of the Iran nuclear deal. And any doubt about the manner or extent of the US withdrawal - a “soft” exit with a staggered reintroduction of US secondary sanctions or a “harder” exit with a wholesale reintroduction of sanctions has been answered emphatically: decrying what he described as the “decaying and rotten structure” of the deal he has confirmed that the US will withdraw from the deal and will re-instate the “highest level of economic sanctions” against Iran. This indicates that the full spectrum of former US secondary sanctions are being reintroduced - the nuclear option. Businesses will be studying the text of the Executive Order signed by President Trump to ascertain the extent of their exposure.