President Donald Trump addressed the nation Wednesday hours after Iran launched missile strikes on two bases in Iraq where U.S. forces were stationed, de-escalating the crisis by threatening additional sanctions on Iran but not immediate military retaliation.

"Iran appears to be standing down which is a good thing for all parties concerned," Trump said, as Vice President Mike Pence, Secretary of State Mike Pompeo, Defense Secretary Mark Esper and the Joint Chiefs stood behind him.

President Donald Trump addresses the nation from the White House on the ballistic missile strike that Iran launched against Iraqi air bases housing U.S. troops, Jan. 8, 2020, in Washington.

President Donald Trump addresses the nation from the White House on the ballistic missile strike that Iran launched against Iraqi air bases housing U.S. troops, Jan. 8, 2020, in Washington.Alex Brandon/AP

"I'm pleased to inform you the American people should be extremely grateful and happy," he said. "No Americans were harmed in last night's attack by the Iranian regime."

Only minimal damage was sustained, he said, adding "an early warning system that worked very well."

The United States was ready to pursue peace with "all who seek it," he said.