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The U.S. withdrawal from the Iran nuclear deal means Boeing’s licenses to sell billions of dollars in commercial jetliners to Iran will be revoked, Treasury Secretary Steven Mnuchin said Tuesday.

Mnuchin said that the existing licenses held by Chicago-based Boeing Co. and its European competitor, Airbus Group, would be invalidated by President Donald Trump’s decision.

“The existing licenses will be revoked,” Mnuchin told reporters.

Boeing said it would consult with the government on what comes next. “As we have throughout this process, we’ll continue to follow the U.S. government’s lead,” the company said.

Airbus didn’t immediately respond to a request for comment.

The new sanctions against Iran will allow for certain exemptions and waivers to be negotiated, but Mnuchin wouldn’t discuss what products or countries might qualify for waivers.