Chicago – August 21, 2026
US President Donald Trump has announced what he described as an “economic D-Day” against Iran, promising an unprecedented campaign of economic warfare and isolation unless Tehran agrees to Washington’s demands.
Trump warned that countries providing Iran with a financial or commercial “lifeline” could face “tremendous economic consequences.” His threat reportedly includes action against oil smuggling, cash transfers, exchange houses, ship registries, front companies and financial institutions linked to Iran. US Treasury Secretary Scott Bessent has also pledged what he called the toughest sanctions in American history.
However, Tehran has responded defiantly, arguing that Iran is already accustomed to decades of American sanctions. Iranian officials say previous restrictions have damaged the economy but failed to force the government to surrender its strategic positions.
Parliamentary Speaker Mohammad Baqer Qalibaf, Iran’s chief negotiator with Washington, said the US focus on economic warfare demonstrated its military failure. “The Americans and Israelis have realised that they cannot handle Iran” through a conventional war, he said, accusing them of turning to cognitive and economic warfare.
Iranian Foreign Minister Abbas Araghchi described the campaign as “economic terrorism” and warned that additional pressure would bring Washington further defeat.
