Donald Trump on Wednesday announced the “most crushing economic operation” ever imposed against a country. The US President targeted Iran and warned other nations of “tremendous” consequences if they provided Tehran with any financial or commercial lifeline.
“Today, I am announcing the most crushing economic operation ever taken against any country. This will be economic warfare and isolation on an unprecedented scale,” Trump wrote on Truth Social.
Any country whose financial institutions, businesses, airports or government entities provide support to Iran would face “tremendous” consequences from the US, he said.
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The announcement comes as the US war on Iran nears its sixth month, with no immediate diplomatic or military off-ramp in sight. The vital Strait of Hormuz is also still majorly choked off.
Trump warns countries aiding Iran
Trump did not specify what measures the US would impose on countries that continued doing business with Iran, and did not name any country other than Iran in his post. India, Turkey, China, Germany, South Korea and Japan were among Iran’s key trading partners before the US-Israeli war started in February.
{{/usCountry}}Trump did not specify what measures the US would impose on countries that continued doing business with Iran, and did not name any country other than Iran in his post. India, Turkey, China, Germany, South Korea and Japan were among Iran’s key trading partners before the US-Israeli war started in February.
{{/usCountry}}He called for an immediate halt to alleged activities, including “oil smuggling, swap lines, cash transfers, exchange houses, ship registries, front companies”, supporting Tehran.
“This will be an economic D-DAY, and we need all of our Allies to stand with the United States of America to isolate, and defeat, the Iran threat,” Trump said.
He also claimed Iran’s military capabilities had been severely degraded. “Their navy is gone, their air force is destroyed, their military factories are now rubble, their currency is worthless, and their country is hanging by a thread,” Trump said. “These maniacs are on the ropes, and these HISTORIC MEASURES will cripple them and their ability to project terror worldwide.”
“IRAN WILL NEVER HAVE A NUCLEAR WEAPON,” the US president claimed.
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US steps up economic pressure
Trump's latest announcement follows comments by US treasury secretary Scott Bessent last week that Washington would ramp up efforts to economically isolate Iran as part of a strategy that also includes a US naval blockade.
“It will be a combination of economic isolation, like the world has never seen before,” Bessent told Newsmax. The US treasury has also been conducting a sanctions campaign known as Operation Economic Fury. It aims to cut off Iran’s sources of funding through targeted measures.
The war began on February 28 with US-Israeli attacks on Iran. Tehran retaliated with missile and drone strikes against US targets across the Gulf.
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The countries supporting Iran
Russia has reportedly provided Iran with military equipment and drone-related technology while China has continued buying Iranian oil, maintaining trade ties and giving Tehran diplomatic backing.
Pakistan has supported Iran through diplomacy and efforts to push for talks, but has not provided military support.
Iran also has the backing of allied armed groups, including the Houthis in Yemen and Iran-aligned militias in Iraq, Reuters reported.
Trump's ‘draconian sanctions’ on Iran
Trump earlier said Washington had “very draconian sanctions” available against Iran.
On the Strait of Hormuz, Trump claimed, “Right now the Strait is open. A lot of boats are coming through.”
Trump also said the situation with Iran could improve and negotiations could resume “maybe at some point”, while repeating that Tehran must not be allowed to develop a nuclear weapon. “Iran cannot have a nuclear weapon. You know why? Because they'd use it. And we're not going to let them use it. So Iran cannot have a nuclear weapon, and they won't,” he said.
Iranian Parliament speaker Mohammad Bagher Ghalibaf said Tehran would not reopen the Strait until the US met commitments including lifting the blockade, releasing frozen Iranian assets and easing oil sanctions.