US Treasury Secretary Scott Bessent after his address to reporters, August 24, 2026 (Sky)
EA on Pakistan TV: Last Chance to “Break” Iran? The Trump Camp’s Economic Warfare
UPDATES: US War on Iran, Day 179 — Can Trump Camp Break Iranian Control of Strait of Hormuz?
UPDATE 0620 GMT:
The US State Department has renewed its offer of up to $10 million and relocation for information on five Iran Revolutionary Guards commanders, including commander-in-chief Ahmed Vahidi.
UPDATE 0611 GMT:
Pakistan Interior Minister Mohsin Naqvi says talks with Iran in Tehran made “significant progress” to resolve the US War.
Naqvi, who accompanied Pakistani military head Gen. Asim Munir in the talks, said they focused on measures to prevent further escalation, reopen the Strait of Hormuz, and speed up the termination of the conflict.
“The Iranian President candidly shared his government’s perspective and we had a very constructive exchange on the issues involved,” Naqvi posted.
UPDATE 0602 GMT:
Sources say then-Director of National Intelligence Tulsi Gabbard warned Donald Trump, days before the start of the US-Israel War, that the killing of the Supreme Leader would bring in a more hardline regime.
Gabbard, who left her post at the end of June, said the regime would close the Strait of Hormuz and attack US forces and allies in the region. It would be more inclined to pursue nuclear weapons.
Other top officials including Vice President J.D. Vance issued similar warnings, the sources said. However, Trump was convinced by top Pentagon officials that success was likely.
In early April, Trump asked a friend whether he should “bomb the shit” out of Iran, but the friend advised urged him to end the conflict. The Trump Administration agreed to a ceasefire days later.
ORIGINAL ENTRY: Unable to force the surrender of Iran’s regime with military attacks — and unwilling to return to talks to end its 6-month war — the Trump camp has declared economic warfare to break Tehran.
US Treasury Secretary Scott Bessent announced Operation Economic Outcast for an “unprecedented campaign” against Iran “and its enablers” on Monday.
We are launching an economic onslaught against Iran’s financial connections around the globe. Our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone.
Bessent said sanctions will target “five of Iran’s most vital lifelines that it exploits in other countries — digital assets, technology, gold, aviation, and shipping”.
The Office of Foreign Asset Control was blacklisting more than 60 entities, individuals, and vessels. “You will see a major financial institution being sanctioned by the end of this week over Iran,” he said.
However, the Treasury Secretary said wider sanctions will not take effect immediately so countries who conduct business with Iran will have the “opportunity to remedy bad behavior”.
Doing so, he acknowledged the difficulty for the Trumpists of economic effects on other countries.
Why would I want to blow up the global financial system?
We believe that it’s important to level set and give people a cure period. But they should know that will move very quickly, and that we are serious.
Bessent did not specify which countries will be targeted by secondary sanctions.
Perhaps most importantly, he would not answer reporters’ questions whether China, the largest importer of Iranian oil, will be among them. Instead, he hedged:
We want to make clear here today that no one is above the reach of US sanctions. That if they facilitate transactions and are part of the ecosystem that turns Iranian oil into money, into repression, they will be targeted….
Any entity that facilitates money laundering on behalf of Iran will be removed from the US dollar system. The clock just started ticking.
The Chinese Embassy in Washington responded, “Regarding the Iran issue, sanctions and pressure do not help resolve the problem. China calls on the relevant parties to take responsible actions and resolve the issue through political and diplomatic means.”
Iran pledged retaliation against any country joining the US economic war. Armed Forces Chief of State Maj. Gen. Ali Abdollahi said Tehran could pursue land, sea or air operations or cyber-attacks.
