WASHINGTON — Treasury Secretary Scott Bessent said Thursday that the United States will implement a strategy designed to economically isolate Iran, combining an existing blockade with what he called "the toughest sanctions in history."
Bessent described the approach as a "one-two punch" and warned that countries continuing to trade with Iran—including transferring money, buying oil, or conducting seaborne transport—would face U.S. enforcement penalties.
He characterized the U.S. strategy as the "greatest coordinated economic isolation in the history of the world" and urged allies and other nations to "make a decision" regarding their economic ties with Iran.
The remarks came a day after President Donald Trump promised "the most crushing economic operation ever taken against any country" would be unleashed on Iran and threatened "tremendous consequences" for nations that continued economic engagement with the country.
When asked whether powerful countries like China would be targeted by new penalties, Bessent declined to provide a direct answer, suggesting that some diplomatic conversations are best conducted "in private."
Bessent argued that all countries share an interest in isolating Iran, pointing to economic disruptions caused by Iran's restrictions on passage through the Strait of Hormuz, a crucial route for Middle Eastern oil exports. Iranian forces began restricting the waterway after the war started Feb. 28 with attacks by the United States and Israel.
Global oil prices have risen since the conflict began. Reopening the strait has become a key U.S. objective in ongoing ceasefire negotiations with Iran.
Bessent reiterated the Trump administration's position that defeating Iran would benefit countries globally. He noted that China obtains 50 percent of its energy from the Gulf, suggesting that cooperation in isolating Iran would "do them a big service."
