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<\/a><\/p>\nPublished On 20 Aug 202620 Aug 2026<\/p>\n
United States Treasury Secretary Scott Bessent has said that a new series of economic measures<\/a> will \u201ccollapse\u201d the Iranian government, calling on countries to join the effort.<\/p>\n Bessent told the news service CNBC on Thursday that the US would apply the \u201ctoughest sanctions in history\u201d on Iran, its adversary in a nearly six-month-long war.<\/p>\n Recommended Stories list of 3 itemsend of list<\/p>\n \u201cIt is a one-two punch. We have the blockade [on Iran], and we are going to have the toughest sanctions in history,\u201d Bessent said. \u201cIt is going to work in Iran, and we are going to collapse this regime.\u201d<\/p>\n He then offered a warning to the members of the international community that they too could face economic penalties if they continue to trade with Iran.<\/p>\n \u201cWe\u2019re going to them and saying: You\u2019re either with us or against us,\u201d Bessent said. \u201cIf you insist on doing business with them \u2014 either transferring money, buying oil, doing seaborne ship transport \u2014 then the US Treasury and the US government, they will put its full might and force towards enforcing against you.\u201d<\/p>\n He billed the US\u2019s strategy as the \u201cgreatest coordinated economic isolation in the history of the world\u201d.<\/p>\n \u201cIt is time for our allies and the rest of the world to make a decision,\u201d Bessent added.<\/p>\n The secretary\u2019s comments follow an announcement<\/a> from US President Donald Trump<\/a> a day earlier, promising \u201cthe most crushing economic operation ever taken against any country\u201d would be unleashed on Iran.<\/p>\n He also\u00a0threatened \u201ctremendous consequences\u201d for any country that continues to engage economically with Iran.<\/p>\n But what form such penalties<\/a> could take \u2013 and whether they would be applied to powerful countries like China \u2013 remains to be seen.<\/p>\n Asked whether China would be targeted, Bessent declined to give a direct answer on Thursday, saying instead that some conversations are best conducted \u201cin private\u201d.<\/p>\n He suggested that all countries should share an interest in isolating Iran, citing the economic impact of Iran\u2019s closure of the Strait of Hormuz<\/a>, a crucial route for the export of Middle Eastern oil.<\/p>\n Iranian forces have restricted passage since the war began on February 28, when the US and Israel launched an initial volley of attacks.<\/p>\n Prior to the war, traffic flowed freely through the waterway. Reopening the strait has since become a key US aim in ceasefire negotiations, with global oil prices rising since the start of the war.<\/p>\n The conflict has also spurred tensions between the US and its allies, many of whom declined to participate directly in the war effort. Trump has repeatedly lashed out at those countries<\/a> for not doing enough to help.<\/p>\n Bessent on Thursday reiterated the Trump administration\u2019s position that defeating Iran would have benefits for countries the world over.<\/p>\n \u201cWe are confident that everyone wants the strait reopened, and for energy prices to come back down,\u201d Bessent said. \u201cKeep in mind that the Chinese get 50 percent \u2026 of their energy from inside the Gulf. So it would do them a big service to get with the programme.\u201d<\/p>\n The US has long sought to isolate and weaken Iran, even before the start of the current war.<\/p>\n On Thursday, for instance, the Trump administration expanded the sanctions against Iran and its allies by designating 10 people associated with Hezbollah, the Iran-backed Lebanese group.<\/p>\n Among the 10 targeted for sanctions was a Turkish businessman, accused of helping to funnel funds to Hezbollah\u2019s base.<\/p>\n