'Economic D-Day': US announces financial offensive against Iran
What's the story
United States Treasury Secretary Scott Bessent has announced an "economic D-Day" against Iran, marking the beginning of what he calls the most intense financial offensive ever launched against an adversary. In a post on X, Bessent said that President Donald Trump has dismantled Iran's military capabilities and is now using economic powers to cut off financial channels supporting the Iranian government.
Accusations
'Don't underestimate the cost of testing Washington'
Bessent accused Iran of dressing extortion as a form of "security guarantees," arguing that Tehran believed retaliation was certain while US enforcement could be negotiated.
He warned those fearing the repercussions of defying Tehran not to underestimate the cost of testing Washington.
The Secretary also said Trump has created conditions for the US government to use its full power against Iran, aiming to sever every economic lifeline sustaining the regime.
Twitter Post
Scott Bessent's post on X
President Trump has dismantled Iran’s military capabilities, destroyed nearly 100 percent of its military factories, and buried its nuclear program.
— Treasury Secretary Scott Bessent (@SecScottBessent) August 23, 2026
We are now entering the endgame. At dawn begins an economic D-Day — the single greatest financial offensive ever marshaled against…
Retaliation threat
Iran threatens to halt oil exports
In response to Bessent's announcement, Iran has threatened to stop all oil exports through the Strait of Hormuz and the Persian Gulf.
Mohsen Rezaei, Secretary of Iran's Supreme National Security Council, warned that any country supporting or participating in this economic war would be considered to be committing an "act of war."
This comes amid rising tensions between Washington and Tehran over tougher economic measures planned by the US.
Criticism
Iranian leaders respond to latest US sanctions threat
Iranian Parliament Speaker Mohammad Bagher Ghalibaf also criticized the latest US sanctions threat, using satire to argue that aggressive economic restrictions could produce opposite effects.
He joked about using frozen imports to fix prices and wages.
"Importing frozen meat to fix meat prices. Okay, that might work. What's the plan for bonds, import frozen yields?" he questioned.
Iranian Foreign Ministry spokesperson Esmaeil Baghaei said war and sanctions were "not unfamiliar" to Iran, having been under sanctions for 20 years.
Trump's announcement
Trump's 'Economic D-Day' campaign
Iran's rebuttal came after Trump announced an "Economic D-Day" campaign.
He called the measures the "most crushing economic operation ever taken against any country" and urged allies to join Washington in isolating Iran.
Trump said the US has "very draconian sanctions" available against Tehran and hinted at further measures.
He added that Washington would decide its next steps based on developments, which could lead to a significant drop in oil prices or the continuation of existing measures.