US urges allies and China to join economic campaign to 'collapse' Iran

The United States has announced plans to ramp up sanctions on Iran, with Treasury Secretary Scott Bessent describing the move as an effort to "collapse" the Iranian government. According to Bessent, the sanctions will be "the toughest in history" and will be accompanied by a blockade on Iran. The US is urging its allies and China to join the effort, warning that any country that provides a "lifeline" to Iran will face "tremendous economic consequences".

Iran's foreign ministry has condemned the sanctions as "economic terrorism" and "crimes against humanity", stating that the US is targeting the fundamental human rights of every Iranian citizen. The ministry called for the perpetrators of the sanctions to be tried and punished for their actions. Iranian Foreign Minister Abbas Araqchi dismissed Trump's comments as an attempt to divert attention from domestic financial problems in the US.

The conflict between the US and Iran has been ongoing for nearly six months, with thousands killed and global markets affected by Iran's actions in the Strait of Hormuz. The US and Iran have announced two ceasefire deals, but both have failed to hold. According to CNBC, the US unveiled the economic operation nearly six months into the war, which continues without a clear end in sight.

Brief written by urgent.news from The Korea Times, The Korea Times, SABC News, CNBC, Al-Monitor — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.