Iranian leaders admit economic toll of war with US as trade drops 35%

Iranian leaders are acknowledging the economic toll of War with the United States, with the supreme leader calling on the government to address the hardship while the president reported foreign trade has shrunk 35 per cent due to the American sanctions and blockade.The warnings came even as other leaders threaten the US with military retaliation and declarations that the Iranian navy maintains control of the Strait of Hormuz, the strategic waterway giving Iran ‌leverage through its ability to disrupt global energy markets.With the War now at the six-month mark, and negotiations at an impasse, President Donald Trump’s administration has stepped up efforts to punish Iran financially with what it has billed as an “economic D-Day”.Washington has warned countries to cut their business ties with Iran or face secondary sanctions – though the Treasury Department stopped short of imposing penalties against major Iranian trade partners such as China and India, which could have repercussions for the US and global economies.Iranian foreign minister Abbas Araghchi visits the exhibition of artworks of Minab School by contemporary painters in Tehran on Friday. Photo: EPAThe US Treasury Department did impose sanctions on Egypt’s Banque Misr for doing business with Tehran, proposing a rule that would cut off ⁠the bank’s branches in the United Arab Emirates from dollar transactions.