President Trump Signs Executive Order on New Iran Sanctions

President Donald Trump has signed an executive order targeting Iran's supreme leader and his associates with financial sanctions.

Trump says the supreme leader is responsible for Iran's hostile conduct. He says the United States does not seek conflict with Iran but will continue to increase pressure on its Middle East adversary to prevent it from developing nuclear weapons and supporting militant groups.

"America is a peace-loving nation. We do not seek conflict with Iran, or any other country. I look forward to the day when sanctions can be finally lifted and Iran can become a peaceful, prosperous and productive nation."

The United States pulled out of a 2015 nuclear deal that world powers signed with Iran and has already applied crushing sanctions on the country's economy.

The president says Monday's action follows a series of aggressions by Iran, including the shooting down of a $100 million U.S. surveillance drone over the Strait of Hormuz.

"These measures represent a strong and proportionate response to Iran's increasingly provocative actions. We will continue to increase pressure on Tehran until the regime abandons its dangerous activities and aspirations."

Meanwhile, U.S. Secretary of State Mike Pompeo has arrived in the United Arab Emirates after meetings in Saudi Arabia aimed at building a global coalition to counter Iran.

Pompeo wrote on Twitter Monday that he had met with Saudi King Salman in the city of Jiddah to discuss the heightened tensions and protecting maritime security in the Persian Gulf.

He is expected to meet Abu Dhabi's powerful Crown Prince Mohamed bin Zayed, before heading to India Tuesday.

The UAE, a close U.S. ally, is a member of the Saudi-led coalition at war against Iranian-allied rebels in Yemen.

Still, the tiny Gulf kingdom is wary of direct conflict with Iran, and has expressed strong support for diplomacy in the crisis between the U.S. and Iran.

(The Associated Press contributed to this report.)