Trump vows 'tremendous' economic costs on Iran partners
WASHINGTON: US President Donald Trump said Wednesday he was launching a major new campaign to target Iran's economy, threatening "tremendous" punishment on any country that helps or does business with the Islamic republic.
US President Donald Trump announced a major new economic campaign aimed at crippling Iran's economy, threatening severe punishment to any country that partners with the Islamic republic. The intensified pressure comes as the war against Iran enters its sixth month, with no foreseeable diplomatic or military resolution in sight. The Strait of Hormuz remains heavily restricted, limiting the flow of oil and other goods.
As the November elections approach, Trump faces mounting criticism over the war's economic impact on US consumers and the military.
In a strongly worded statement on social media, Trump declared, "I am announcing the MOST CRUSHING ECONOMIC OPERATION EVER TAKEN AGAINST ANY COUNTRY!" He warned, "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."
Specific punishments were not outlined, but he listed several activities that must cease immediately, including oil smuggling, swap lines, cash transfers, exchange houses, ship registries, and front companies.
Treasury Secretary Scott Bessent echoed Trump's stance, stating that the US would soon embark on a two-pronged approach: a never-before-seen economic isolation of Iran, combined with a naval blockade. The US Treasury has been executing Operation Economic Fury, targeting Iran's funding through targeted sanctions for months. While Iran has displayed a defiant attitude, US media reports suggest the country has significantly reduced its munitions stockpiles.
The Pentagon denies these claims, stating that Trump's assertion of facilitating ship transit through the strait appears to be true, with US forces reportedly facilitating the passage of 15 to 20 ships daily. However, discussions of potential talks have been ruled out by Trump, who suggested the strait could become a "NEW US Territory."
The UAE recently suspended all economic dealings with Iran after being targeted by two ballistic missiles, marking a significant shift in regional alliances amid the ongoing conflict.
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