US Signals Tougher Economic Pressure and New Sanctions on Iran
WASHINGTON: The United States has signalled plans to impose some of the toughest economic measures in its history against Iran, as Washington seeks to intensify pressure on Tehran following President Donald Trump’s threat to launch an “economic war” against the country.
US Treasury Secretary Scott Bessent said maximum economic pressure could reduce the need for further major military action against Iran. Speaking to CNBC, he said details of a new sanctions package would be announced at a press conference on Monday.
Bessent said the US strategy would involve a “two-pronged” approach, including a naval blockade and what he described as the toughest economic sanctions in history. He added that the measures would have a significant impact on Iran and said the US administration intended to bring down the Iranian government.
Bessent also urged US allies and other countries to take a position on the issue.
Iran, meanwhile, condemned the US economic and trade sanctions, describing them as “economic terrorism.” Iran’s Foreign Ministry said the measures would not weaken the Iranian people’s determination to defend the country’s independence, dignity and national sovereignty.
Trump had earlier warned on social media that the United States would launch an “unprecedented economic war and isolation” against Iran. He said any country that provided Iran with support through its financial institutions, businesses, airports or government entities would face “tremendous economic consequences.”
Trump did not specify what measures would be introduced or identify particular countries that could be targeted. However, the possibility of broader pressure on China has emerged, as China purchases more than 80% of Iran’s exported oil.
China’s embassy criticised the US approach, saying that sanctions and pressure would not help resolve the dispute. Beijing urged all relevant parties to act responsibly and pursue a political and diplomatic solution.
Iranian Foreign Minister Abbas Araghchi dismissed Trump’s statements as an attempt to divert public attention in the United States from domestic financial problems. Referring to America’s record debt and rising interest rates, Araghchi said continuing failed policies would lead to further setbacks for Washington and greater distance between the US and the Iranian people.
The latest threat of additional US sanctions also pushed global oil prices to their highest level in more than three weeks on Thursday. Oil markets remain highly sensitive to disruptions in Middle Eastern supplies, particularly amid the ongoing conflict and concerns over Iran’s ability to restrict maritime traffic through the Strait of Hormuz, a critical route for global energy shipments.
The United States and Iran have announced ceasefire agreements twice, in April and June, but neither arrangement has held for an extended period.
