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US Treasury Secretary Bessent: We will implement unprecedented measures on Iran

US Treasury Secretary Scott Bessent said that Washington is going to apply measures that have "never been seen" on Iran, Reuters reported on Thursday.

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US Treasury Secretary Bessent: We will implement unprecedented measures on Iran

US Treasury Secretary Scott Bessent declared that Washington is set to enforce unprecedented measures against Iran, according to Reuters. Bessent emphasized that these actions will be unlike any seen in the past when it comes to economic isolation. Earlier, a high-ranking Iranian official, Hossein Taeb, of the Islamic Revolutionary Guards Corps (IRGC), stated that the Strait of Hormuz is now under Iran's control.

Taeb reiterated that Iran is proceeding with complete security and no foreign vessel can navigate the waterway without Tehran's permission. Iran's joint military command also warned that any vessel attempting to pass the Strait without Tehran's consent would face consequences. The UAE accused Iran of attacking two of its vessels in the Strait, calling it a "flagrant" violation.

US Vice President JD Vance expressed confidence that the US would come out of its conflict with Iran stronger, particularly in relation to Tehran's nuclear program and fuel prices. The US dollar held a bearish tone on Thursday, influenced by mixed UK data, US economic results, and the ongoing uncertainty surrounding the US-Iran conflict.

Meanwhile, gold prices fell below $4,350 amid the continuing US-Iran standoff, which continued to bolster the US dollar's reserve currency status.

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The prices of staple foods such as bread, instant noodles and ready-to-eat meals have jumped. Major food companies, including CJ Cheiljedang, Lotte Confectionery and Nong Shim, have announced price hikes of up to 9% for their products from next month due to high oil and high exchange rates. CJ Cheiljedang said on the 24th that it will increase the prices of 25 kinds of products, including "Sempio" cooking oil and "Beksul" sugar, by 8.4% to 9.2% from the 1st of next month. Lotte Confectionery also said it will raise the price of its "Lotte" milk chocolate by 7.3% and "Dove" chocolate by 9% from next month. Nong Shim will increase the prices of its "Shin Ramyun" and "Jjajangmyeon" products by 6.7% and 7.1%, respectively, from next month. The industry predicts that the price increase will not be limited to these companies, but will spread to other food companies as well. The price increase is expected to have a significant impact on consumers, as these products are staples in many Korean households. The price hikes are attributed to high oil prices and a high exchange rate, which have increased the cost of raw materials and production. As the prices of food products continue to rise, consumers are becoming increasingly concerned about the impact on their daily lives. The government has announced measures to stabilize food prices, but it remains to be seen whether these efforts will be effective in controlling the price increases. In the meantime, consumers will have to bear the brunt of the price hikes. It is expected that the price increase will have a ripple effect on the entire food industry. The industry is watching the situation closely, as the price increase could have a significant impact on the market. The government and the industry will need to work together to find a solution to this problem. The price increase is a concern for many consumers, and it is hoped that a solution will be found soon. The situation will continue to be monitored closely.

·hani.co.kr

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