The intensified economic pressure campaign comes as the war nears its sixth month with no immediate diplomatic or military off-ramp in sight.
Trump is also facing renewed domestic political scrutiny over the war with November elections quickly approaching.
“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.
“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,” he said.
He did not specify what punishment countries would face, and none other than Iran were mentioned by name.
The president’s comments come nearly a week after Treasury Secretary Scott Bessent said the US would impose economic isolation on the country “like the world has never seen before.”
Despite a recent lull in missile strikes, Iran has continued to impose an effective blockade on shipping through the Strait of Hormuz, after a frame US-Iran deal to reopen the vital corridor collapsed.
In recent days, both sides have said messages were being exchanged, however Trump on Tuesday insisted talks were off and posted a message on social media suggesting the strait could be a “NEW U.S. Territory.” (AFP)