‘Economic D-Day’: Trump threatens 'tremendous consequences' for 'any country' helping Iran

President Donald Trump announced an unprecedented and severe economic operation against Iran, warning other nations of "tremendous" consequences if they provide financial or commercial support to the country. The US President declared this to be "economic warfare and isolation on an unprecedented scale." Trump stated that any country with financial institutions, businesses, airports or government entities supporting Iran would face severe repercussions.

The US war on Iran has now reached its sixth month with no apparent diplomatic or military resolution in sight. The vital Strait of Hormuz remains largely restricted. Trump did not specify the measures the US would impose on countries continuing to do business with Iran, nor did he name any countries other than Iran in his announcement.

Iran's key trading partners before the US-Israeli war began in February included India, Turkey, China, Germany, South Korea, and Japan. Trump called for an immediate end to alleged activities such as oil smuggling, swap lines, cash transfers, exchange houses, ship registries, and front companies supporting Tehran. He claimed that Iran's military capabilities have been significantly weakened, with its navy gone, air force destroyed, military factories in ruins, currency worthless, and the country hanging by a thread.

Trump also asserted that Iran is unable to develop a nuclear weapon. The US Treasury Secretary mentioned earlier that Washington would intensify efforts to economically isolate Iran, including a naval blockade. The US Treasury has been conducting an economic campaign known as Operation Economic Fury aimed at cutting off Iran's funding sources.

The conflict began on February 28 with US-Israeli attacks on Iran, resulting in retaliatory missile and drone strikes against US targets in the Gulf. Iran has reportedly received military equipment and drone technology from Russia, while China continues to buy Iranian oil, maintain trade ties, and provide diplomatic support. Pakistan has supported Iran through diplomacy without providing military assistance.

Iran also has the backing of allied armed groups, including the Houthis in Yemen and Iran-aligned militias in Iraq. Trump earlier indicated that Washington possesses "very draconian sanctions" against Iran. Regarding the Strait of Hormuz, Trump affirmed that it is still open, with many vessels passing through. Iran's Parliament speaker has stated that Tehran will not reopen the Strait until the US fulfills commitments, including lifting the blockade, releasing frozen Iranian assets, and easing oil sanctions.