‘Operation Economic Outcast’: Bessent Aims At Iran But Plan Has Scant Details, Vague Deadline

Treasury Secretary Scott Bessent says America will “tighten the noose” on Iran’s economy as part of an “Economic D-Day” but he is not detailing possible punishments or deadlines for countries that are still trading with Tehran.Mr. Bessent on Monday afternoon unveiled Operation Economic Outcast that he says is aimed to apply maximum pressure on the Islamic Republic’s most vital economic lifelines.“We are launching an economic onslaught against Iran’s financial connections around the globe,” Mr. Bessent said at a Washington news conference. Areas that he says are being targeted include Iran’s digital assets, technology, gold, aviation, and shipping.Mr. Bessent says a sustained campaign will block Iran from skirting sanctions and punish any countries that continue to work with Tehran.“Let there be no ambiguity as to the position of the United States. An economic engagement of any kind with this murderous regime will expose those responsible to the full reach of American power,” Mr. Bessent said. The Treasury secretary said that 60 individuals, entities, and vessels around the world are facing new sanctions for working with Iran’s government.President Trump is calling world leaders to ask them to stop doing business with Iran and Mr. Bessent said there would be a “zero leakage” approach to Iran’s goods making it to the world market, but did not lay out any possible punishments for countries that ignore the American demands.The Treasury secretary also did not set any timeline for countries to cut economic ties to Iran but he said, “We don’t have infinite patience.” He said the Trump administration wants to give Iran’s trading partners time to make changes instead of immediate sanctions that could have widespread impacts.“Why would I want to blow up the global financial system?” Mr. Bessent told reporters. “We believe that it is important to level set and give people a cure period.”Mr. Bessent also didn’t directly answer a question about whether Communist China could face new sanctions but said “no one is above the reach of U.S. sanctions.” Any new economic pressure on China could put Mr. Trump in a delicate position. He is set to host the Chinese leader, Xi Jinping, next month amid a trade war that has brought tariffs and counter tariffs.Mr. Bessent said teams from the Treasury Department, State Department and the military are already meeting with their counterparts around the globe and some nations are changing policy. Last week, the United Arab Emirates said it was suspending trade and financial transactions with Iran.Mr. Trump has transitioned from military operations against Iran to employing economic pressure. The American military has imposed a blockage against Iranian shipping. Tehran has responded by saying the Strait of Hormuz is closed to shipping and has fired on several vessels trying to ship goods through the strait.Iran’s economy has suffered for years under sanctions related to its nuclear program but it has further deteriorated since the start of the war. Iran’s currency, the rial, dropped to a record low on Monday ahead of Mr. Bessent’s announcement. The rial now trades at 2.02 million to the American dollar.Mr. Bessent noted in an X post that Iran’s Central Bank governor, Abdolnaser Hemmati, over the weekend, said that the simultaneous drop in oil revenues, tax income, and social security contributions has affected every part of his nation’s economy. “3 million, here we come!” Mr. Bessent predicted for the rial’s exchange rate.Iran’s parliamentary speaker says threats by the Trump administration were not being viewed as credible. “Americans know that no one buys their bombast; the United States is not in an economic position to further restrict its relations with other countries,” Mohammad Bagher Qalibaf said in an X post.Iran’s Foreign Ministry spokesman has warned of “consequences” for any countries that appear to be cooperating with America. “Our hands are not tied,” Esmail Baghaei said on Sunday.

‘Operation Economic Outcast’: Bessent Aims At Iran But Plan Has Scant Details, Vague Deadline

‘Operation Economic Outcast’: Bessent Aims At Iran But Plan Has Scant Details, Vague Deadline

More from the New York Sun

The Rent Freeze Case Moves to Manhattan

‘60 Is the New 50:’ Rule Change Turns NFL Placekickers Into Long-Distance Bombers

Koenigsegg Brings its Race Car Back to Life

Congresswoman Condemns Hasan Piker After He Says Jews ‘Singularly’ Supporting Israel Invite Violence, As Senate Candidate El-Sayed Backs Streamer’s Free Speech Rights

California Attorney General Calls Off Settlement Talks With Paramount as Hollywood Pressure Builds To Resolve Merger Lawsuit

D.C. Bar To Weigh Complaint Filed Against Chief Justice Roberts Over Millions Paid to His Wife for Law Firm Recruiting

Iran Places $10 Million Bounty on Barron Trump, Saying He Is Being ‘Fully Monitored’

Mamdani’s Grocery Stores Violate Civil Rights of Minority-Owned Businesses, New Suit Claims

More from the New York Sun

The Rent Freeze Case Moves to Manhattan

‘60 Is the New 50:’ Rule Change Turns NFL Placekickers Into Long-Distance Bombers

Koenigsegg Brings its Race Car Back to Life

Congresswoman Condemns Hasan Piker After He Says Jews ‘Singularly’ Supporting Israel Invite Violence, As Senate Candidate El-Sayed Backs Streamer’s Free Speech Rights

California Attorney General Calls Off Settlement Talks With Paramount as Hollywood Pressure Builds To Resolve Merger Lawsuit

D.C. Bar To Weigh Complaint Filed Against Chief Justice Roberts Over Millions Paid to His Wife for Law Firm Recruiting

Iran Places $10 Million Bounty on Barron Trump, Saying He Is Being ‘Fully Monitored’

Mamdani’s Grocery Stores Violate Civil Rights of Minority-Owned Businesses, New Suit Claims