Who does Iran trade with and what could Trump's 'economic D-Day' mean?

The United States has announced what it calls an "economic D-Day" aimed at ending the ongoing conflict with Iran. However, Iran is no stranger to such tactics, having faced nearly constant US sanctions since the Islamic Revolution of 1979. Despite this, Iran has developed significant trade ties with various countries, including China, Turkey, Pakistan, Armenia, and Russia.

China is the largest buyer of Iranian goods, accounting for 26.9% of its exports in 2025, though there are concerns about underreported oil sales. Turkey, while facing US pressure, cannot stop trading with Iran due to its struggling economy. Pakistan, Iran's largest export partner, has a diverse relationship with the US, but smuggling of Iranian oil into the country remains a challenge.

Armenia, which relies heavily on Russian exports, continues to trade with Iran despite US sanctions. The US Treasury Secretary warns that the sanctions will severely impact Iran's revenue, but experts are skeptical, noting that multiple layers of sanctions have already been imposed. Global markets have shown little reaction to the US announcement, with oil prices remaining high and stock indexes largely unaffected.

The success of these sanctions depends on their enforcement and their impact on people rather than just economies.