U.S. Treasury chief vows to cut every ‘economic lifeline’ of Iran
US Treasury Secretary Scott Bessent has announced a strategy of 'economic asphyxiation' against Iran, threatening secondary sanctions on countries that continue to trade with Tehran. The policy targets critical sectors including digital assets, technology, and shipping to isolate the Iranian regime.
Why it matters
This aggressive economic policy escalates geopolitical tensions and forces global entities to choose between US market access and trade with Iran.
US Treasury Secretary Scott Bessent on Monday (August 24, 2026) laid out plans for the “economic asphyxiation” of Iran, expanding Washington’s secondary sanctions threats and warning of dire consequences for countries that decline to join the pressure campaign.
Mr. Bessent’s address comes almost six months into a war on Tehran that has ground to a stalemate, with stalled peace talks and Iran preventing most traffic through the crucial Strait of Hormuz.
“Around the globe, our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone,” Mr. Bessent told a press conference.
“We are going to hold everyone accountable, and this is economic asphyxiation of this regime.”
He added that countries not joining US sanctions would “share in the isolation” of Iran, and noted that Trump is making phone calls to world leaders with requests to stop their interactions with Tehran.
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