US Treasury Secretary Scott Bessent has announced plans to isolate Iran’s economy through targeted measures to be revealed on Monday, saying the new actions could reduce the need for further military action. He warned US allies, “You’re either with us or against us,” saying Washington would use its “full might and force” against countries doing business with Iran. In an interview with a media house, that Washington expects both allies and rivals to join the ramped-up campaign on Iran.
He emphasized that the U.S. is not excluding China from its warnings to get on board with President Trump’s new campaign to isolate the Iranian economy and “collapse” the government in Tehran. China buys more than 80% of Iran’s shipped oil, according to 2025 data from analytics firm Kpler, but engaging in further economic warfare with China, a major exporter to the U.S. including vital rare-earth minerals, risks retaliation against Washington. .
“It is a one-two punch. We have the blockade (on Iran), and we are going to have the toughest sanctions in history,” he added, referring to a U.S. naval blockade imposed on Iran in April and paused for a month in mid-June. “It is going to work in Iran and we are going to collapse this regime. It is time for our allies and the rest of the world to make a decision,” he said.
His comments on Thursday followed President Donald Trump’s threat a day earlier of “Economic Warfare” and warning of economic consequences against any country that provided “any type of lifeline to Iran.” Bessent promised details next week.
Meanwhile, China has criticised the US president’s “economic D-Day” push against Iran, warning that additional sanctions will fail to resolve ongoing disputes.
Iran’s Foreign Ministry also condemned the US threat of new economic sanctions, describing the proposed measures as “illegal and inhumane”.
The blockade on commercial ships entering and exiting Iranian ports via the Strait of Hormuz was up to 67 through Thursday, after two more ships were stopped in the last day, according to U.S. Central Command. The blockade was reinstated on July 14 after a brief period when a larger number of ships were able to get through following the signing of the U.S.-Iran memorandum of understanding.
Elsewhere in Lebanon, Israeli warplanes launched overnight air attacks on the town of al-Mansouri in the south. According to the local media, the town has also experienced a series of huge explosions that echoed across southern villages and towns. Additionally, Israeli forces carried out explosions in the towns of Haddatha and at-Tiri in the Bint Jbeil district, reports stated.