Trump vows 'tremendous' economic costs on Iran partners

WASHINGTON, D.C., August 21 ------ US President Donald Trump said he was launching a major new campaign to target Iran's economy, threatening "tremendous" punishment on any country that helps or does business with the Islamic republic. The intensified economic pressure campaign comes as the war nears its sixth month with no immediate diplomatic or military off-ramp in sight, and the vital Strait of Hormuz still significantly choked off.

With November elections quickly approaching, Trump is also facing renewed domestic scrutiny over the war's costs on US consumers and toll on the military. "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 that allows its financial institutions, businesses, airports, or government entities to provide any type of lifeline to Iran will itself face TREMENDOUS Economic Consequences," he said.

He did not specify what punishment countries would face, and none other than Iran were mentioned by name. He listed several activities that he said need to stop immediately: "oil smuggling, swap lines, cash transfers, exchange houses, ship registries, front companies."

Treasury Secretary Scott Bessent had similarly said last week that the US would soon be ramping up efforts at economically isolating Iran, as part of a two-pronged approach with a US naval blockade. "It will be a combination of economic isolation, like the world has never seen before," Bessent told the conservative television network Newsmax.

The US Treasury has for months been carrying out an effort, dubbed Operation Economic Fury, aiming to cut off Iran's funding with targeted sanctions.

Source: manilatimes.net