The Trump administration on Friday designated Iran's Islamic Revolutionary Guard Corps as a terrorist organization, a move that President Trump followed up with by calling for tougher sanctions against the organization.

"I am authorizing the Treasury Department to further sanction the entire Islamic Revolutionary Guard Corps for its support for terrorism and to apply sanctions to its officials, agents, and affiliates," Trump said in a White House speech.

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"I urge our allies to join us in taking strong actions to curb Iran's continued dangerous and destabilizing behavior," Trump added.

"The IRGC has played a central role to Iran becoming the world's foremost state sponsor of terror," Treasury Secretary Steven Mnuchin said Friday. "We urge the private sector to recognize that the IRGC permeates much of the Iranian economy, and those who transact with IRGC-controlled companies do so at great risk."

As Trump spoke from the White House, the Treasury Department announced it was designating the IRGC as a terrorist entity under a White House Executive Order. That announcement said the group provides "support to a number of terrorist groups, including Hizballah and Hamas, as well as to the Taliban."