Trump Vows Unprecedented Economic Pressure on Iran

President Donald Trump vowed on Friday to increase economic pressure on Iran, following a statement from Treasury Secretary Scott Bessent that Washington would impose measures that have "never been seen" as soon as next week. This escalation follows the start of the Iran war in February, during which the United States implemented a naval blockade in the Strait of Hormuz and levied maritime, energy, and financial sanctions.

The U.S. Treasury Department's Office of Foreign Assets Control has already sanctioned over 1,000 entities and frozen $500 billion in Iran-linked cryptocurrency. Current plans for further pressure include targeting exchange houses in the United Arab Emirates, confiscating overseas assets, and threatening secondary sanctions on trading partners. Officials are also considering targeting refineries and banks that facilitate Iranian oil exports, though they acknowledge this could trigger retaliatory mineral export curbs from Beijing or raise global oil prices.

Other potential measures include a land blockade involving Iran's neighbors and the use of new tariff powers granted by a Senate-passed Russia sanctions bill currently awaiting House approval. Meanwhile, Israel's economy showed signs of recovery from the conflict, with gross domestic product rising 15.4% in the second quarter of 2026 after a 2.2% contraction in the first quarter caused by its military campaign against Iran.