The U.S. government yesterday, Thursday, further ramped up pressure on its allies and on China to join it in an effort to drastically intensify economic strangulation, which it believes could lead to the “fall of the regime” in Tehran without a resumption of military operations.
Iran’s Foreign Ministry responded by accusing Washington of “economic terrorism,” according to the IRNA news agency.
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“Any country that maintains relations with Tehran will hasten its economy’s descent into oblivion, whether that relationship is built with a specific purpose or because it is deliberately ignored,” U.S. Treasury Secretary Scott Bessent warned via X.
Without revealing any details about the measures Washington plans to take, he warned earlier that countries that do not support President Donald Trump’s “economic war” against the Islamic Republic will be considered to be “against us,” during an interview with CNBC.
He plans to hold a press conference on Monday to discuss how the U.S. government intends to further increase the pressure.
“We are (…) in a new phase, where the most effective tool we have is the economic pressure we can exert on her,” said U.S. Vice President Jay D. Vance in a podcast aimed at voters on the American right. This will be a “delicate balancing act,” he added, as Iran “is also trying to exert economic pressure on us.”
Washington, which is imposing a naval blockade on Iranian ports in the Gulf and a series of other sanctions on the Islamic Republic, announced yesterday new measures targeting Lebanon’s Shiite Hezbollah movement, which is aligned with Tehran, due to its ties to the Revolutionary Guards.
As for the strait, which the U.S. president often asserts is “open,” only seven commercial ships crossed it yesterday, Thursday—five entered and two exited—according to data from the commercial shipping monitoring service Kpler.
“Collapse”
In an interview with CNBC, the U.S. Treasury Secretary made it clear that he expects China to comply.
“We will bring this regime to its knees,” he said, bringing back to the forefront the goal articulated by U.S. President Trump when the war began with the U.S.-Israeli airstrikes on February 28.
“If we apply maximum economic pressure, this means that it will likely not be necessary to resume large-scale military operations, but I want to emphasize that this is true for now,” he said.
Faced with limited military options, a diplomatic impasse, and public opinion that is growing increasingly dissatisfied with this war, U.S. President Trump declared an “unprecedented economic war” against Iran.
A sign that the war of the past nearly six months is straining the resources of the world’s most powerful military was the U.S. military’s announcement yesterday of the arrivalof another aircraft carrier to replace the USS Abraham Lincoln, whose prolonged deployment has recently been accompanied by various concerns regarding the living conditions of its crew in the U.S.
The unknown X in the new equation that Washington appears to be pursuing is undoubtedly Beijing.
More than a quarter of Iran’s trade in 2024 was with China, a major consumer of Iranian oil, which Tehran continues to export—despite sanctions—using a “ghost” fleet.
Balance of Power
Whether or not Washington can get Beijing to align with this “economic war” will say a great deal about the balance of power between the two major powers.
Donald Trump likes to say that he has a very good relationship with Chinese President Xi Jinping, whom he is expecting in the U.S. on September 24.
Among Iran’s main trading partners were also the United Arab Emirates—which announced on Tuesday that they are suspending, until further notice, “all” bilateral “trade” and “financial transactions.”
Turkey and Russia also have trade ties with Iran that are by no means insignificant.
It also remains to be seen what stance the U.S. allies will take, as—with the sole known exception of Israel — have not become involved in military operations despite the U.S. president’s demands.
Iran’s economy, already in poor shape due to decades of sanctions, has been put to an even greater test since the war began in February.
On the other hand, the U.S. is also feeling the effects of the armed conflict, notably seeing a rise in inflation and borrowing costs.
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Source: APE-MPE
