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

The United States has urged its allies and China to support President Donald Trump's campaign to isolate Iran's economy, vowing to "collapse this regime" in Tehran. Iran has labeled the US threats as "economic terrorism" and asserted they would be unsuccessful. As the US faces pressure at home due to the war's impact and upcoming midterm elections, Trump promised a "most crushing" economic operation against Iran.

US Treasury Secretary Scott Bessent reiterated the president's remarks, emphasizing the severity of economic pressure on Tehran. Bessent stated that any links to Iran would hasten a nation's economic downfall, whether intentional or inadvertent. The Treasury chief indicated that more details about the planned measures against Iran would be provided during a press conference on Monday.

Vice President JD Vance acknowledged the delicate balance, noting Iran's potential retaliation in economic terms. Bessent called on China to "get with the program" during a private conversation, as Chinese President Xi Jinping was set to visit the White House on September 24. Iran dismissed the US plan, calling it a "diversion from America's own crisis" and labeling it as "economic terrorism" and "crimes against humanity."

Despite international sanctions, Iran continues to export oil, primarily to China, which operates a shadow fleet of sanctioned tankers. The US has also imposed fresh measures against Hezbollah's financing network in Lebanon, highlighting the close ties between Iran's Revolutionary Guard and the Lebanese group. Trump's announcement of unprecedented economic warfare on Iran comes as the president grows impatient with the military stalemate and the lack of progress in resolving the conflict.