Trump threatens Iran's trading partners

US President Donald Trump has announced a new campaign to isolate Iran's economy, threatening "tremendous economic consequences" for any country that helps or does business with Tehran. Such a move could lead to a new clash with China if implemented.

"Today I am announcing the most destructive economic operation ever undertaken against a country!" Trump wrote on Truth Social. 

"Any country that allows its financial institutions, businesses, airports or government entities to provide any kind of support to Iran will face extraordinary economic consequences," he added.

However, his announcement did not contain details on what measures would be taken or which countries might be affected. The announcement comes at a time when the war is approaching six months and the president is facing pressure over the cost of the conflict, while the US midterm elections are also approaching.

Last month, the US president suspended strikes on Iran after two weeks of nightly strikes failed to bring officials in Tehran back to the negotiating table. Meanwhile, the war has reportedly depleted US stockpiles of key munitions.

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Pentagon advisers reportedly told Trump last month that the US had almost exhausted its list of targets in Iran and that the military campaign had reached the limits of its effectiveness.

Gasoline prices in the US have reached their highest level ever recorded for the month of August, while negotiations with Iran have stalled.

In recent weeks, the White House has signaled a shift in strategy toward increasing economic pressure on Iran. US Treasury Secretary Scott Bessent said last week that the US would increase efforts to economically isolate Iran.

For months, the US Treasury has been conducting an operation called “Economic Fury,” which aims to cut off Iran’s sources of financing through targeted sanctions. Meanwhile, a naval blockade of the Strait of Hormuz has aimed to prevent Iranian ports from exporting oil, which is vital to keeping the country’s economy afloat.

Iran's economy already faces a harsh series of US and Western sanctions, which over the years have weakened the economy and limited the country's ability to sell oil.

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But experts say Iranian leaders have learned to adapt to these measures, including by exporting oil through a sophisticated network of shadowy tankers used to evade sanctions and hide the origin of the cargoes.

In his announcement on Wednesday, Trump listed several activities that he said should be stopped immediately, including "oil smuggling, currency exchange lines, cash transfers, currency exchange offices, ship registries, etc."