US pushes allies, China to back Trump’s economic war on Iran

WASHINGTON: US Treasury Secretary Scott Bessent declared on Thursday that the United States would enlist allies and China in President Donald Trump's campaign to isolate Iran's economy. Bessent vowed that these actions would ultimately "collapse this regime" in Tehran. The US Treasury boss' comments underscored the shift in Trump's approach from military pressure to economic sanctions against Tehran, now in its sixth month.

Iran dismissed the threats as "economic terrorism" and vowed they would fail. Under pressure at home and ahead of midterm elections, Trump had pledged the "most crushing" economic operation against Iran. Bessent said he would provide more details during a press conference on Monday. He emphasized that the US expects both allies and rivals to participate in this unprecedented coordinated economic isolation.

Chinese President Xi Jinping is set to visit the White House on September 24. Bessent's remarks marked a return to regime change rhetoric by a senior US official after months of Trump focusing on preventing Iran from obtaining nuclear weapons. Bessent said the economic plan meant the US was less likely to resume heavy military operations against Iran, but Iran dismissed the plan, calling it "economic terrorism."