US Treasury secretary says new economic measures will ‘collapse’ Iran

US Treasury Secretary Scott Bessent announced that the United States will implement "the toughest sanctions in history" on Iran, aiming to "collapse" its government. Speaking to CNBC, Bessent described the strategy as a "one-two punch" involving a blockade and severe sanctions. He warned that countries continuing to trade with Iran, including through financial transactions, oil purchases, or shipping, could face economic penalties from the US. Bessent characterized this as the "greatest coordinated economic isolation in the history of the world" and called on the international community to choose sides. These statements follow similar promises from President Trump regarding a "crushing economic operation" against Iran. The article does not specify if countries like China would be targeted.

US Treasury Secretary Scott Bessent has urged China to support Washington's economic pressure campaign against Iran. Bessent stated that China, which relies on the Gulf for 50% of its energy, would benefit from cooperating with these efforts. This plea comes after collapsed negotiations to reopen the Strait of Hormuz and end a six-month conflict. Bessent indicated that both allies and adversaries will be compelled to choose sides in this initiative, which he described as the "greatest coordinated economic isolation in the history of the world." Further details are expected at a press conference.