Trump says he'll launch 'most crushing economic operation ever' on Iran

US President Donald Trump has announced a major new campaign to target Iran's economy, threatening severe punishment for any country that helps or does business with the Islamic Republic. According to RTE News and Channel News Asia, Trump wrote on Truth Social that he was launching "the most crushing economic operation ever taken against any country" and "economic warfare and isolation on an unprecedented scale".

He warned that any country allowing its financial institutions, businesses, airports, or government entities to provide a lifeline to Iran would face "tremendous economic consequences". Trump listed several activities that need to stop immediately, including oil smuggling, swap lines, cash transfers, exchange houses, ship registries, and front companies, as reported by RTE News and BBC World.

The announcement comes as the conflict with Iran nears its sixth month, with no immediate diplomatic or military off-ramp in sight, according to RTE News and Channel News Asia. Trump is also facing renewed domestic scrutiny over the war's costs on US consumers and the military, with the November elections approaching, as noted by RTE News.

Brief written by urgent.news from CBC News, RTE News, BBC World, ABC News (US), Channel News Asia — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.