President Donald Trump told French President Emmanuel Macron Tuesday morning that he will announce the U.S.'s withdrawal from the Iran nuclear deal, The New York Times reported, citing a person briefed on the conversation.

The U.S. is preparing to put all sanctions back in place it had waived as part of the 2015 nuclear deal and impose additional economic penalties, the Times reported.

Trump had insisted that sharp limits be kept on Iran's nuclear fuel production after 2030, while the current deal would lift those limits.

The White House is expected to make its announcement at 2 p.m. on Tuesday. The decision would reverse a major foreign policy initiative of the Obama administration and could raise tensions with European allies, who have committed to staying in the deal, as well as with Russia and China, the Times reported.