In a tweet, Obama said: "There are few issues more important to the security of the US than the potential spread of nuclear weapons or the potential for even more destructive war in the Middle East. Today’s decision to put the JCPOA at risk is a serious mistake."

The Joint Comprehensive Plan of Action (JCPOA) was implemented during the presidential term of Obama.

In his statement, which has been posted on Facebook, Obama said: "The reality is clear. The JCPOA is working – that is a view shared by our European allies, independent experts, and the current U.S. Secretary of Defense. The JCPOA is in America’s interest – it has significantly rolled back Iran’s nuclear program.

"And the JCPOA is a model for what diplomacy can accomplish – its inspections and verification regime is precisely what the United States should be working to put in place with North Korea. Indeed, at a time when we are all rooting for diplomacy with North Korea to succeed, walking away from the JCPOA risks losing a deal that accomplishes – with Iran – the very outcome that we are pursuing with the North Koreans."

Trump on Tuesday announced his government's decision to quit the Iran nuclear deal.

"The Iran Deal was one of the worst and most one-sided transactions the United States has ever entered into," he said.

He even called the deal as "decaying and rotten".

He said: "The Iran Deal is defective at its core. If we do nothing, we know what will happen. In just a short time, the world’s leading state sponsor of terror will be on the cusp of acquiring the world’s most dangerous weapons."

Trump said: "At the heart of the Iran deal was a giant fiction: that a murderous regime desired only a peaceful nuclear energy program. Today, we have definitive proof that this Iranian promise was a lie."

Trump said his government is going to reimpose economic sanctions that were waived when the deal was signed.

A White House statement on the issue said: "President Donald J. Trump is terminating the United States’ participation in the JCPOA with Iran and re-imposing sanctions lifted under the deal."

President Trump is terminating United States participation in the JCPOA, as it failed to protect America’s national security interests, read the statement.

The President has directed his Administration to immediately begin the process of re-imposing sanctions related to the JCPOA.

The White House statement said the re-imposed sanctions will target critical sectors of Iran’s economy, such as its energy, petrochemical, and financial sectors. 

"United States withdrawal from the JCPOA will pressure the Iranian regime to alter its course of malign activities and ensure that Iranian bad acts are no longer rewarded.  As a result, both Iran and its regional proxies will be put on notice.  As importantly, this step will help ensure global funds stop flowing towards illicit terrorist and nuclear activities," read the statement.

Image: twitter.com/ObamaFoundation