Donald Trump Announces 'Most Crushing' Economic Campaign Against Iran, Warns Countries Against Doing Business

US President Donald Trump on Wednesday announced a major campaign targeting Iran's economy, warning of "tremendous" economic consequences for countries that assist or conduct business with the Islamic republic.

The move intensifies Washington's economic pressure on Iran as the war approaches its sixth month, with no immediate diplomatic or military off-ramp in sight. The vital Strait of Hormuz also remains significantly choked off.

Trump announces ‘economic warfare’

"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.

"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.

Trump did not spell out what penalties such countries could face and did not name any country other than Iran.

He said several activities must stop immediately, listing "oil smuggling, swap lines, cash transfers, exchange houses, ship registries, front companies."

US plans to step up economic isolation

Treasury Secretary Scott Bessent had said last week that the US would soon intensify efforts to isolate Iran economically as part of a two-pronged strategy that also includes a US naval blockade.

"It will be a combination of economic isolation, like the world has never seen before," Bessent told conservative television network Newsmax.

Trump also called on US allies to support Washington's efforts against Iran.

"We need all of our Allies to stand with the United States of America to isolate, and defeat, the Iran threat," Trump said Wednesday on Truth Social.

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War faces scrutiny as US elections approach

The tougher economic campaign comes as November elections draw closer and Trump faces renewed domestic scrutiny over the war's impact on US consumers and its toll on the military.

The conflict is nearing its sixth month without an immediate diplomatic or military route to ending it, while disruption in the Strait of Hormuz continues.