U.S. President Donald Trump's administration is running out of time to formalize its policy on the Joint Comprehensive Plan of Action (JCPOA). The United States struck the deal with Iran and five other countries in July 2015 to keep the Islamic republic from pursuing its nuclear ambitions. In exchange for dozens of concessions on Iran's nuclear program, Washington agreed to suspend sanctions against Tehran, including measures restricting its vital oil industry. But the presidential waivers that Barack Obama issued, and then extended during his final week in office, to do so will begin expiring in mid-May. If Trump declines to renew the waivers, sanctions on foreign companies facilitating the purchase of Iranian oil by foreign countries will snap back into effect around the same time Iranian voters head to the polls to elect their next president. On the other hand, if he opts to continue the waivers, Trump must first...
