US calls on allies, China to support Trump’s bid to ‘collapse’ Iran’s economy

Washington called on allies and China to support President Donald Trump's plan to isolate Iran's economy, vowing to "collapse this regime" in Tehran. Iran labeled the US threats as "economic terrorism" and said they would fail. With the war's impact causing domestic turmoil and midterms approaching, Trump pledged a "most crushing" economic operation against Iran.

US Treasury Secretary Scott Bessent echoed Trump's comments, emphasizing economic pressure on Tehran as the unpopular war nears six months. Bessent stated that any ties to Tehran would hasten a nation's economic downfall. Neither Trump nor Bessent disclosed the specific measures, with Bessent hinting at further details during a press conference.

Vice President JD Vance warned that Iran would attempt to pressure the US economically. Bessent called on China to "get with the program," as Chinese President Xi Jinping is set to visit the White House on September 24. Iran dismissed the US plan, calling it a diversion from America's own crisis and branding it "economic terrorism" and "crimes against humanity."

Despite sanctions and a US naval blockade, Iran continues to export oil, with China as its largest buyer. The new measures also targeted Hezbollah's financing network in Lebanon, showcasing the close ties between Iran's Revolutionary Guards and Hezbollah. Trump announced unprecedented "economic warfare" on Iran amid frustration with the stalled military talks.

The US is reinforcing its military presence in the region, with a new aircraft carrier strike group arriving, replacing the USS Abraham Lincoln, which faced domestic criticism for poor conditions. The US approved a potential $4.5 billion sale of refueling aircraft to Qatar, a mediator in the US-Iran conflict.