The uncertainty caused by the re-imposition of American sanctions has proven devastating for the Iranian economy, already weakened by decades of sanctions.
The United States has also been pushing its allies to halt their import of Iranian oil ahead of the November deadline.
"The United States is fully committed to enforcing all of our sanctions, and we will work closely with nations conducting business with Iran to ensure complete compliance", he said in a statement on Monday.
He added: 'Our policy is based on a clear-eyed assessment of the Iranian dictatorship, its sponsorship of terrorism, and its continuing aggression in the Middle East and all around the world'. The White House said Trump will continue to stand up to the Iranian regime's aggression, and the USA will fully enforce the reimposed sanctions.
Despite opposition from European allies, Trump in May pulled the United States out of a 2015 deal between world powers and Tehran under which global sanctions were lifted in return for curbs on Iran's nuclear program.
Fars acknowledged protests have taken place in "five or six cities" since Tuesday over water shortages, rising prices and joblessness, with "about 1,000 or 2,000 people" taking part.
Senior administration officials briefing reporters Monday repeatedly tied this new economic pressure campaign to Trump's recent comments about meeting with the Iranian leadership, saying the US wants to talk to reach a new Iran deal.
"I have no pre-conditions" for negotiating with America "if the U.S. government is ready to negotiate about paying compensation to the Iranian nation from 1953 until now", Rouhani said.
As of 0401 GMT on Tuesday, the Iranian government can no longer buy U.S. banknotes and sweeping sanctions will be imposed on the Middle East country's industries.
The president signed his executive order at his club in Bedminster, New Jersey, an event that was closed to the press.
In a political structure where the Supreme Leader, Ayatollah Ali Khamenei, attempts to balance the power of the perceived moderates in government and a hard-line military apparatus, President Hassan Rouhani will probably continue to take the public pressure. These include sanctions targeting Iran's energy sector, including petroleum-related transactions, as well as transactions by foreign financial institutions with the Central Bank of Iran.
After months of fierce rhetoric, Trump surprised observers last week when he offered to meet with Rouhani without preconditions.
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Iran's economy is tanking for a number of reasons. "I will meet, or not meet, it doesn't matter - it is up to them!"
"We are facing an economic war and the USA government is restoring sanctions and also trying to increase them", he said.
He said President Donald Trump is intent on getting Iran to "behave like a normal country".
"Our actions will continue to severely limit the ability of Iran, which as you know is the largest state sponsor of terror, to gain funding to continue to finance its wide range of malign behavior".
The sanctions will be reinstated at midnight Monday, also affecting the sale of graphite, aluminum, steel, and software to and from Iran.
According to the release, Monday is the final day of a 90-day "wind-down period" since Trump announced the USA withdrawal from the deal. The president doubled down on criticism on in his statement on sanctions on August 6.
Mr. Trump announced the decision to withdraw the US from the deal earlier this year.
A Saudi official has clarified reports that the Kingdom has agreed to admit an Iranian diplomat to head an office representing Iranian interests in Riyadh.
In a televised address, Mr Rouhani said there could be no talks as long as Washington was reneging on the deal. The sanctions are set to go into effect at midnight USA time.
One U.S. official, speaking on condition of anonymity, said possibly more than 100 vessels were involved in the drills, including small boats.
Iran did not appear interested in drawing attention to the drills. Despite the authorities' official scorn for the United States, there is an unmistakeable sense of accelerating decline.