US President Donald Trump said on Wednesday he was launching a major new campaign to target Iran’s economy, threatening “tremendous” punishment on any country that helps or does business with the Islamic Republic.
The intensified economic pressure campaign comes as the war nears its sixth month with no immediate diplomatic or military off-ramp in sight and the vital Strait of Hormuz still significantly choked-off.
With the November election quickly approaching, Trump is also facing renewed domestic scrutiny over the war’s costs on US consumers and toll on the military.
“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 said on social media.
“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.
He did not specify what punishment countries would face, and none other than Iran was mentioned by name.