US urges allies and China to join economic pressure campaign against Iran
The US is calling on allies and China to back a new campaign to isolate Iran's economy, while Tehran denounces the threats as 'economic terrorism'.
The United States on Thursday called on its allies, as well as China, to join President Donald Trump's newly announced campaign to isolate Iran's economy. Washington vowed to bring about the collapse of the regime in Tehran, while Iran labeled the US threats 'economic terrorism' and insisted they would fail.
Facing domestic criticism over the war's toll and with midterm elections approaching, Trump pledged on Wednesday to launch the 'most crushing' economic operation against Iran ever undertaken. Treasury Secretary Scott Bessent backed the president, writing on X that any remaining ties to Tehran would hasten a nation's economic downfall.
Neither Trump nor Bessent has detailed the specific measures planned, though Bessent said more information would come at a press conference on Monday. Vice President JD Vance said economic pressure is now the most effective available tool, while acknowledging Iran would likely try to apply similar pressure back on the US.
Possible pressure on China
Asked whether Washington would pressure China specifically, Bessent said many such conversations are best held privately, but urged Beijing to 'get with the programme.' Chinese President Xi Jinping is due to visit the White House on September 24. China remains Iran's largest oil buyer despite heavy international sanctions and a US naval blockade in the Gulf — Tehran relies on a sanctioned 'shadow fleet' of tankers to keep exports flowing.
Iran's Foreign Minister Abbas Araghchi dismissed Trump's plan as a distraction from America's own debt crisis and rising interest costs. Iran's foreign ministry said US sanctions, which it claims target ordinary citizens' basic rights, amount to 'economic terrorism' and 'crimes against humanity.'
Separately, the US on Thursday announced new measures targeting Hezbollah's financing network in Lebanon, citing its close links to Iran's Revolutionary Guards. Washington is also reinforcing its military presence in the region — a new carrier strike group, the USS George Washington, arrived in the Middle East on Wednesday, replacing the USS Abraham Lincoln, which had reportedly suffered poor conditions during its deployment. The US also approved a potential $4.5 billion sale of refuelling aircraft to Qatar, which has served as a mediator between Washington and Tehran.
