However, Trump says an Iran agreement could be signed as soon as this weekend.
President Donald Trump announced "major combat operations" against Iran on Feb. 28, with massive joint U.S.-Israeli strikes targeting military, government and infrastructure sites.
Following the announcement of a two-week ceasefire, initial U.S.-Iran talks in Pakistan in April failed to reach a peace deal.
Trump later announced the open-ended extension of the ceasefire and the continuation of a U.S. blockade until negotiations are concluded "one way or the other."
President Donald Trump promised more attacks against Iran on Wednesday saying the two sides were "really close to a deal, but they keep tapping us along, they keep playing us for suckers."
"We have the strongest military anywhere in the world, and sometimes you'll have to use it," Trump said.
"Iran very simply cannot have a nuclear weapon and they won't," he said.
President Donald Trump criticized media coverage of the U.S. blockade of Iranian ports in a post to social media on Wednesday, describing the measure as "the most successful Blockade in the history of Naval Warfare."
"NOTHING GETS THROUGH unless we want it to. IT IS A STEEL WALL! Iran is doing ZERO business, not paying their military, or any of their bills, and quickly becoming a FAILED NATION! Lots of oil is getting out. Praise be to Allah!" Trump wrote.
Iranian President Masoud Pezeshkian said Wednesday that the "neither war nor peace" situation must be resolved, according to the official Islamic Republic News Agency (IRNA).
Pezeshkian said that state television occasionally broadcasts remarks of the late Supreme Leader Ali Khamenei saying that Iran would not negotiate with the U.S., while the late leader had approved the talks to continue.
Pezeshkian added that in later discussions the former leader had emphasized the need to resolve the "neither war nor peace" situation.
"The children of this country should be able to live with hope and a clear vision of the future. The government must fulfill its responsibility by creating the necessary plans to empower the younger generation to build the country's future," he said.
-ABC News' Somayeh Malekian
President Donald Trump posted to social media on Wednesday saying that Iran has "taken too long to negotiate a deal that would have been great for them, now they will have to pay the price!!!"
"Iran's Military is a complete and total mess. Much of it, like their Navy and Air Force, doesn't even exist anymore -- They have been completely defeated. Iran is all talk and no action. The Bully of the Middle East is DEAD!!!" Trump wrote.
