U.S. Treasury Secretary Scott Bessent called on allies to join a stepped-up economic pressure campaign against Iran, aiming to impose the "toughest sanctions in history" and "squash" its economy. He expressed confidence that allies want the Strait of Hormuz reopened and energy prices to fall.
The U.S. is seeking unprecedented global economic isolation of Iran, potentially impacting international trade, energy markets, and geopolitical alliances. The success of this campaign hinges on the cooperation of key nations like China, with significant implications for global energy prices and shipping routes.
U.S. Treasury Secretary Scott Bessent has called on allies to join an intensified economic pressure campaign against Iran, aiming to implement "the toughest sanctions in history" and "squash" the Islamic Republic's economy. Bessent stated that the administration is prioritizing "maximum economic pressure" over large-scale military action.
During a CNBC interview, Bessent described the initiative as potentially "the greatest coordinated economic isolation in the history of the world." He emphasized that allies must choose whether they are "with us or against us" in seeking the end of the Iranian regime. He warned that any entities continuing to do business with Iran, including financial transfers, oil purchases, or ship transport, would face enforcement actions from the U.S. Treasury.
Bessent expressed optimism that allies, including China, would support the campaign. He noted that allies would benefit from the reopening of the Strait of Hormuz and a subsequent decrease in energy prices. Bessent specifically pointed out that China sources 50 percent of its energy from the Gulf, suggesting it would be advantageous for Beijing to "get with the program."
Bessent plans to hold a press conference on Monday to further detail the administration's economic campaign against Tehran.