The 2015 deal offered Tehran sanctions relief in exchange for curbing its nuclear program.
But a host of companies are now faced with the prospect of doing business with US or protecting their interests in Tehran.
As those sanctions kick in, it will have an even broader effect as well, Bolton said. The sanctions will not only bar US companies from doing business with Iran, but they also will hurt European and other companies by prohibiting them from using American banks unless they cut links with Iran.
French Finance Minister Bruno Le Maire said earlier that Europe should not accept that the U.S.is the "world's economic policeman", or become the USA "vassals" that "obey decisions taken by the United States while clinging to the hem of their pants;" Rather, Le Maire asked, "or do we want to say we have our economic interests, we consider we will continue to do trade with Iran?"
Finance ministers in France and Germany pushed Treasury Secretary Steven Mnuchin to grant extensions or waivers to businesses that made lucrative deals with Tehran in the period that sanctions were lifted.
Former PM Mahathir Mohamad storms back to power in Malaysia
Mahathir was the country's prime minister for 22 years, between 1981 and 2003, making him the country's longest-serving leader. In his earlier statement on social media, Mr Najib said he was committed to "facilitating a smooth transfer of power".
'Do we accept extraterritorial sanctions? The answer is no. Le Maire asked. "Or do we want to say we have our economic interests, we consider we will continue to do trade with Iran?"
Bolton's comments come despite pledges from European leaders across the board that they will uphold the agreement, even after President TrumpDonald John TrumpUS paid Trump's Scottish resort for VIP hotel stays: report Michael Avenatti tweets, then deletes, Fox News booker's phone number Former Trump aide working with Russian company to lift United States sanctions: report MORE announced last week the USA would no longer honor it. In the 1990s, significant disagreements surfaced when Washington adopted legislation - including the Iran and Libya Sanctions Act (ILSA) - which punished European firms for doing business in those countries.
"It depends on the conduct of other governments", he said.
British Airways, which operates six flights a week between London Heathrow and Tehran, said, "We constantly review our network to ensure that our routes match our customers" needs and are commercially viable. "I think that will sink in; we'll see what happens then", Mr Bolton said. "President Trump's withdrawal is denying them that wealth, denying them the resources to continue their bad behavior, to take the money away from them", he said.
The U.S. president said that the European leaders wanted him to stay in the deal he'd said he'd exit since he was a candidate because of the financial implications of leaving it. And I've always said it, and I say to them: Don't do anything.
Taken overall, transatlantic tensions are now spiking again and this could make a tricky G7 summit next month. They're all friends of mine, ' Trump said.