Three officials say the waivers will be accompanied by other, targeted sanctions on Iran and a stern warning that Trump will pull out of the deal negotiated by the Obama administration if fixes aren't made by spring.
The new sanctions come on top of previous designations announced back in May and October.
Other individuals on the list are involved in curtailing Iranians' freedom of assembly, and in blocking Iranians from content in cyber space that is critical of the government, including worldwide sources, anti-regime sites, human rights, sites and social media.
It did not specify what any retaliation might involve.
Continuing to maintain and implement the Iran nuclear deal is the responsibility of all parties concerned, and is the common wish of the worldwide community, said Wang, adding that this will help uphold global non-proliferation regime, maintain regional peace and stability as well as solve other hot issues in the world. But it has said it would "shred" the deal if Washington quit.
Mr Trump has strongly criticised the deal, which was reached during Barack Obama's presidency and helped end a long crisis. The president also said a new deal must have no expiration date, and that it must impose sanctions if Iran develops or tests long-range missiles.
The United States has failed to undermine the nuclear deal between Tehran and world powers, Iranian President Hassan Rouhani said in a statement broadcast on state television. France's Emmanuel Macron also reportedly called Trump personally stressing the importance of the accord. "Our worst fears are being confirmed", he said.
"This is a last chance", Trump said in a statement.
Implementation of the deal hasn't been derailed, but will face some new complicating factors, said the minister. "Today, I am waiving the application of certain nuclear sanctions, but only in order to secure our European allies' agreement to fix the awful flaws of the Iran nuclear deal".
However, Trump, who has vowed to scrap the pact, was expected to give the U.S. Congress and European allies a deadline for improving it, the person said.
Trump laid out conditions to keep Washington in the deal. In exchange, the Iranian regime agreed to limits on its nuclear program and allowed inspectors to monitor its facilities.
While Trump will continue that suspension, he is preparing to impose penalties on Iranian entities for other behavior the USA finds objectionable, such as missile testing and alleged human rights violations.
Although Donald Trump's approach has disavowed the nuclear deal and raised the threat that sanctions could be re-imposed, the latest financial deal with Tehran, according to Governor of the Central Bank of Iran Valiollah Seif, demonstrates the trust of the worldwide community in the long-term economic stability in the Islamic Republic.
"In what we heard yesterday, I don't see any invitation for Iran to enter dialogue", he said.
A decision to withhold a waiver would have effectively ended the deal between Iran and the other global signatories.
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