'Tremendous consequences': Trump threatens economic punishment on 'any country' helping Iran

President Donald Trump announced on Wednesday a massive economic campaign aimed at punishing any nation that assists or engages in business with Iran. This intensified pressure on the nation's economy comes as the ongoing conflict reaches its sixth month with no clear path for resolution and the critically important Strait of Hormuz remains largely blocked.

With the upcoming November elections and growing domestic pressure over the war's impact on American consumers and military, Trump vowed to implement the most severe economic operation ever directed against a single country. Speaking through his social media platform Truth Social, Trump declared, "ANY country that allows its financial institutions, businesses, airports, or government entities to provide any type of lifeline to Iran will itself face TREMENDOUS Economic Consequences."

He did not provide specific details about the measures that would be taken against offending nations, and did not single out Iran, though the country was a primary target. The list of activities Trump deemed essential to halt immediately included oil smuggling, swap lines, cash transfers, exchange houses, ship registries, and front companies.

Treasury Secretary Scott Bessent echoed Trump's stance, stating that the United States would soon embark on a two-pronged strategy of unprecedented economic isolation against Iran. This approach would be complemented by a naval blockade, according to Bessent's comments to the conservative news network Newsmax. The US Treasury has been steadily increasing pressure on Iran through targeted sanctions under the umbrella of Operation Economic Fury for months.

Despite Iran's defiant attitude, having endured months of US military operations without achieving a decisive outcome, the Pentagon has refuted claims that US munitions stocks are nearly depleted. The six-month-long conflict began on February 28, with US-Israeli strikes on Iran, which responded with missile and drone attacks across the region.

The missile and drone threats from Tehran have significantly hampered shipping through the Strait of Hormuz, as the framework for a US-Iran deal to reopen the strait has collapsed. However, Trump emphasized on Wednesday that US military actions are aiding ships navigating the strait, with reports suggesting that "a lot of boats are coming through."

In recent weeks, US forces have reportedly facilitated the passage of 15 to 20 ships in and out of Hormuz, carrying about half the pre-war volume of daily oil shipments. Both sides have reportedly communicated, though Trump dismissed ongoing talks on Tuesday, posting on social media that the strait might become a "NEW US Territory."

The United Arab Emirates (UAE) announced on Tuesday that it would suspend all economic dealings with Iran following retaliatory missile strikes. The UAE, sharing deep cultural and historical connections with Iran, had been a significant trading partner for Iran before the escalation. Trump called for all allies to join the United States in isolating and defeating Iran's threat.