Trump threatens 'tremendous economic consequences' on any country helping Iran

President Donald Trump has threatened severe economic repercussions for any nation that assists or engages in trade with Iran. The US president tweeted on his Truth Social platform that he had initiated "the most crushing economic operation ever taken against any country." No further specifics were provided, nor was any other nation named. The ultimatum was issued following the recent expiration of a 60-day ceasefire with Iran, with no visible path to resolution.

Trump's aggressive stance seems to be an extension of Operation Economic Fury, which began in April, targeting foreign entities dealing with Tehran. In a Wednesday evening post, he proclaimed an "economic D-Day" against Iran, stating that any country aiding Iran's financial institutions, businesses, or governmental entities would also suffer "TRENDENOUS Economic Consequences." The specifics of these punishments were not disclosed.

The threat follows the UAE's decision to sever all economic and financial ties with Iran, prompted by a missile threat from Tehran. The UAE's Defence Ministry reported two ballistic missiles launched from Iran, both landing in the sea, targeting maritime traffic. Iran's armed forces warned neighboring Gulf countries against providing support to US forces, considering any assistance as collusion.

The president's comments come after Treasury Secretary Scott Bessent announced the US would impose unprecedented economic isolation on Iran.

Earlier this week, Trump reportedly threatened to bomb Oman, a US ally, if Oman interfered with his administration's talks with Iran. The US and Oman are concurrently negotiating with Tehran to reopen the Strait of Hormuz, which has been largely closed for six months due to the US-Iran conflict. This strait, vital to global trade, accounts for around 20% of the world's crude oil and liquified natural gas (LNG).

The ongoing conflict has driven up global energy prices. As the US prepares for midterm elections in November, Trump faces pressure regarding the war's economic impact on consumers and military personnel.