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Trump's Iran sanctions: deal or no deal?

What does the re-imposition of United States sanctions on Iran mean for business outside the US? 

On one view, the US withdrawal from the Joint Comprehensive Plan of Action (JCPOA) changes very little. Although it was agreed under the JCPOA and enshrined in UN Security Council Resolution 2231 (2015) that all UN, multilateral and national sanctions related to Iran’s nuclear programme would be removed by 16 January 2016, important US sanctions remained in place even after President Obama’s Executive Order of 16 January 2016 was passed to implement US obligations under the JCPOA.

The full 20 Essex Street bulletin is attached.

Relevant members: 
Iran sanctions.pdf438.98 KB