President Trump on Wednesday night said that he was launching what he described as the “most crushing economic operation ever’ against Iran and threatened the economies of any countries that do business with the Islamic Republic.
“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 wrote on Truth Social.
“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,” Trump added.
It’s unclear what the potential new sanctions will entail, but going after countries that do business with Iran could mean targeting China, which has the ability to apply countermeasures to the US.
A day before Trump’s announcement, the UAE, which has been more aligned with the US and Israel during the war than other Gulf states, said that it was cutting off all trade with Iran, citing an alleged missile attack. For its part, Iran rejected the claim that it launched missiles at the UAE, suggesting it could have been a “false flag.”
Trump’s announcement came as his administration has pivoted back to focusing on economic pressure against Iran, on top of the US military blockade on Iranian ports, after failing to get Iran to capitulate during the last round of strikes. Iranian officials have denied the idea that further economic sanctions will make an impact on their negotiating position, and IRGC officials have suggested Iran may go on the offensive if the US tries to make the current situation a new status quo.
