US Sanctions Iran in 'Economic D-Day' Move Amid Trade Tensions

The US Treasury Secretary Scott Bessent announced what he called 'economic D-Day' against Iran, with sanctions on countries and companies that continue to do business with Tehran.

Bessent threatened that the US would target countries like China and the UAE, which have significant trade ties with Iran. The US is particularly concerned about China's role in buying Iranian oil, with Beijing purchasing 'upward of 90 percent' of Iranian crude exports.

The sanctions are part of a broader campaign by the Trump administration to pressure Iran to surrender to Washington's demands. However, experts question whether this will be effective, given that many countries and companies have already been sanctioned or have found ways to circumvent them.

Iranian President Masoud Pezeshkian has emphasized the economic dangers of prolonging the conflict and the need for a settlement. He argued that Iran should end the war now while it still considers itself in a position of strength.