Rial Hits Record Low as Trump Administration Prepares Economic Sanctions Offensive

The Iranian rial has hit a record low against the US dollar, trading at over 2 million to one. This comes as the Trump administration prepares to announce a major expansion of economic sanctions aimed at further isolating Tehran.

The Treasury Department's Scott Bessent wrote in an opinion piece that the US is entering the endgame, framing the next phase of pressure as 'an economic D-Day.'

This will involve severing every economic lifeline that sustains the Iranian regime until it stands alone, according to Bessent. The measures could include broader secondary sanctions targeting entities and countries that continue commercial or financial ties with Iran.

China remains Iran's largest trading partner, raising questions about how aggressively Washington would pursue measures that could affect Beijing ahead of high-level diplomacy.