It's not a complete pullout from the deal, which is an option for Trump if he wants to take it. But it's a meaningful move in that direction.
Every 90 days, the deal requires the president to certify whether Iran is in compliance with the deal. Up until now, every such certification since Trump took office has indicated that Iran was in compliance. Surprising? It may seem that way at first, but the likely explanation is that Trump doesn't want to certify Iran's lack of compliance until he can build a strong case to prove it