‘Everyone is depressed’: Iranians brace for Trump’s crushing economic war

The United States is set to implement a sweeping economic blockade against Iran, with President Donald Trump outlining plans for the "most crushing economic operation ever taken." Iran's neighbors, including France, the UAE, and the UAE, have already taken drastic measures to isolate the country by expelling Iranian diplomats, targeting cash networks linked to Iran's main proxy, Hezbollah, and suspending trade and financial ties.

For ordinary Iranians, the news has left them feeling increasingly desperate. Shop owner Farhad, who sells men's clothing in Tehran's Valiasr Square, expressed his fear for the future, citing the mounting anxieties stemming from the war and economic sanctions. He highlighted the increasing challenges faced by his business due to the war and the economic blockade, including soaring food prices and massive job losses.

According to the Central Bank of Iran, the country's currency has weakened significantly against the US dollar, with the rial currently at 1.9 million against the dollar, compared to 1.65 million before the conflict. This has led to a sharp decline in purchasing power, with the cost of essential goods such as cooking oil and meat skyrocketing.

Iranian officials have warned that the country is facing severe restrictions on oil exports due to the US economic pressure. The country currently produces no oil, with the central bank chief stating that revenue from oil sales has effectively fallen to zero. This has further exacerbated the economic situation, as the government struggles to maintain access to foreign exchange reserves.

The Trump administration has vowed to target entities that provide Iran with "lifelines," such as financial institutions, businesses, and government entities. Treasury Secretary Scott Bessent emphasized that the US aims to orchestrate the greatest coordinated economic isolation in history, urging allies to either join the campaign or stand against Iran.