White House promises full-throttle economic warfare against Iran with new plan for sanctions
The streets of Washington, D.C., turned into a speedway on Sunday as IndyCars raced around the National Mall. Meanwhile, the Trump administration said new economic pressure for allies and enemies alike is its top focus. Olivia Rinaldi has more details.
The White House has announced an intensified economic assault on Iran through a series of new sanctions. Allies are being encouraged to participate; failure to do so may result in repercussions from the US Treasury and government. Iran's Foreign Minister, Abbas Araghchi, dismissed the threat of sanctions, labeling it a sign of desperation.
Despite this, gas prices have remained high, averaging $4.09 per gallon across the nation. Additionally, trade tensions with Canada are escalating, with Canada imposing 50% tariffs on longstanding trade partner. Canada's withdrawal from negotiations has been cited as a response to the situation. President's remarks, "Canada wants the benefits of being a state, without being one!!!" reflected frustration.
Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, warned that ongoing trade disputes could exacerbate inflation. As the midterms draw nearer, Republicans aim to capitalize on the issue of soaring prices.
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