Treasury Secretary Scott Bessent provided some details on the Trump Administration’s plan to declare “economic war” on the Iranian regime ahead of a scheduled 2 p.m. Eastern Time press conference.
Following weeks of stalled negotiations, Trump announced on August 19 that he would be unleashing what he described as an “ECONOMIC D-DAY” targeting Iran’s economy as part of efforts related to the ongoing conflict, which has lasted nearly six months. “No one has given the Islamic Republic of Iran a greater opportunity to make a Deal than me. TRAGICALLY, for them, they have failed to take it. Therefore, 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,” the president posted on Truth Social at the time.
“Today, I am also announcing that 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. Oil smuggling, swap lines, cash transfers, exchange houses, ship registries, front companies — It all needs to stop NOW. You know who you are. 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. These maniacs are on the ropes, and these HISTORIC MEASURES will cripple them and their ability to project terror worldwide,” he added.
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“An economic D-Day.”
Treasury Secretary Scott Bessent is set to announce new sanctions against Iran as the Trump administration intensifies economic pressure on Tehran.
The move comes as the U.S. naval blockade in the Middle East remains in effect, with the administration… pic.twitter.com/JUT8AMeCUe
— Fox News (@FoxNews) August 24, 2026
The plan centers on expanding secondary sanctions against countries, financial institutions, businesses, and other entities that maintain economic ties with Iran. Targets include activities such as purchasing or transporting Iranian petroleum, facilitating money transfers through exchange houses and other financial or commercial support.
Bessent has indicated that the measures would apply regardless of whether ties are intentional or overlooked, with the aim of isolating Iran completely. “The President has created the conditions to leverage every agency, every authority and action many assumed we would never summon. Our objective is to sever every economic lifeline that sustains the tyrannical regime until Tehran stands alone,” the secretary wrote in an opinion piece with the Financial Times.
In the opinion piece, Bessent added that countries calculating “appeasement of the regime to be the safer course” should “consider the consequences of sustaining it.”
He has linked the economic measures to an existing naval blockade and prior sanctions, stating in a CNBC interview that the combination represents a “one-two punch” and that the United States would apply its “full might and force” against those continuing business with Iran, including through money transfers or oil purchases. He noted the approach has precedents in other contexts and aims to address remaining commercial and financial links after military actions reduced certain Iranian capabilities.
Full details of the plan are expected to be laid out in the 2 p.m. press conference.
