"Despite my strong inclination, I have not yet withdrawn the United States from the Iran nuclear deal", Trump said in a statement, saying the options were to fix "the deal's disastrous flaws or the United States will withdraw".
Iran's foreign minister, Mohammad Javad Zarif, took to Twitter to describe Trump's decision and the announcement as "desperate attempts to undermine a solid multilateral agreement". "In the absence of such an agreement, the United States will not again waive sanctions in order to stay in the Iran nuclear deal".
He said the new deal should curb Iran's missile programme and include permanent restrictions on Iran's nuclear plants, removing expiration dates due to kick in after a decade.
On Friday, Mr Trump agreed to waive sanctions against Iran that were lifted as part of the worldwide deal but said it would be the last time unless conditions were met to fix what he called "significant flaws" in the deal.
Iran says the nuclear deal is not renegotiable and it will stick to the accord as long as the other signatories respect it but will "shred" the deal if Washington pulls out.
While approving the waiver on USA sanctions related to the nuclear deal, Washington announced other sanctions against 14 Iranian entities and people, including judiciary head Ayatollah Sadeq Larijani, a close ally of Iran's Supreme Leader Ayatollah Ali Khamenei.
He further claimed, "This is a last chance".
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Britain, France and Germany had called on Trump on Thursday to uphold the pact. He said remaining in the pact will give Congress more time to come up with bipartisan legislation regarding Iran.
"And if at any time I judge that such an agreement is not within reach, I will withdraw from the deal immediately", Trump said in a statement.
This would not entail negotiations with Iran but would be the result of talks with European allies, the official said.
Trump has argued that Obama, a Democrat, negotiated a bad deal for the United States in agreeing to the nuclear accord.
The EU said it would hold internal consultations and was "committed to the continued full and effective implementation" of the deal.
One of the reports will likely extend the number of Russian officials and companies on the sanctions list, while the other will analyse whether sanctions so far have proved to be effective, Ryabkov said. The appeal was made after the Iranian Foreign Minister met with European Union foreign ministers and European Union foreign policy chief Federica Mogherini in Brussels on Thursday.
While Trump approved the sanctions waiver, the Treasury Department announced new, targeted sanctions against 14 entities and people, including the head of Iran's judiciary, Sadeq Amoli Larijani, a close ally of Iran's Supreme Leader Ayatollah Ali Khamenei.