Trump administration live updates: U.S. to announce new sanctions against Iran
Bessent previewed U.S. economic actions against Iran in what he referred to as “an economic D-Day” and “the single greatest financial offensive ever marshalled against an adversary.”
In an op-ed for the Financial Times, Bessent pushed for countries to refrain from helping Iran financially. Otherwise, he foreshadowed, they “should expect to share in its isolation.”
“To become a sanctuary for terror is to become, in the eyes of the United States, a global pariah,” he wrote.
Bessent did not say what specific economic maneuvers the U.S. plans to enact. He will hold a press conference later today.
Treasury Decretary Scott Bessent during a Cabinet meeting at Camp David on July 31. Aaron Schwartz / AFP via Getty Images
“The president has created the conditions to leverage every agency, every authority and action many assumed we would never summon,” he wrote.
Last week, Trump threatened “Economic Warfare and Isolation on an unprecedented scale” and referred to the potential actions as “economic D-Day.”
Iran is already heavily sanctioned by the U.S. If the U.S. targets countries that do business with Iran, China could be caught in the crosshairs. China is a key trading partner for Iran. It’s also a key trading partner for the U.S., and China’s President Xi Jinping plans to visit the U.S. next month.