The United States has pressed its allies and China to cut their remaining economic ties with Iran as the Trump administration prepares what it says will be its toughest campaign yet to isolate Tehran.
President Donald Trump announced on Aug. 19 “the most crushing economic operation ever taken against any country,” warning that countries whose banks, companies, airports or government bodies provide Iran with an economic lifeline would face severe consequences.
He identified oil smuggling, swap lines, cash transfers, exchange houses, ship registries and front companies as channels Washington wants shut down.
The administration has not yet disclosed the measures. Treasury Secretary Scott Bessent said he would provide details at a news conference on Aug. 24.
Bessent said the campaign would include the “toughest sanctions in history” and told allies they were “either with us or against us.”
Countries that transfer money to Iran, buy its oil or facilitate ship-to-ship transfers would face U.S. enforcement, he said.
Asked whether Washington would pressure China, Iran’s largest oil customer, Bessent said some discussions were best held privately but urged Beijing “to get with the program.”
The treasury secretary said Washington intended to “collapse this regime,” although he also argued that maximum economic pressure could reduce the likelihood of renewed large-scale military operations.
Iran rejected the campaign. Foreign Minister Abbas Araghchi called Trump’s “Economic D-Day” a diversion from rising U.S. debt and interest costs and said further pressure would fail.
Iran’s Foreign Ministry described the threatened sanctions as “economic terrorism” and “crimes against humanity,” saying they targeted the basic rights of Iranian citizens.
The planned measures would intensify Washington’s existing “Economic Fury” campaign, which has targeted Iranian oil sales, shadow banking networks, cryptocurrency exchanges and vessels used to evade sanctions.
Despite years of restrictions, Iran continues to export oil through opaque shipping networks, with China remaining its largest customer.
The announcement came nearly six months into the U.S.-Israeli war with Iran. Trump said this week that talks with Tehran were on hold, while Bessent described economic pressure as Washington’s most effective tool.
