US to Unveil ‘Single Greatest Financial Offensive Ever’ on Iran, Bessent Says

WASHINGTON—Treasury Secretary Scott Bessent is set to announce the “single greatest financial offensive ever” on Iran at a 1 p.m. news conference on Aug. 24.

As the war in Iran reaches the six-month mark, the White House aims to apply even greater economic pressure on Tehran.

Bessent, in an Aug. 23 post on X, stated that the conflict is “entering its endgame” as the United States plans to sever all economic ties with the regime.

“The Islamic Republic has subsisted by dressing extortion as security guarantees,” he said on the social media platform.

“It has drawn strength from a calculus that regards Iranian retaliation as certain and American enforcement as negotiable. Under President Trump, that era is over. And those who fear the danger of defying Tehran ought not to discount the cost of testing Washington.”

Bessent will speak at a news conference at 1 p.m. ET.

President Donald Trump will use a broad array of tools available to “sever every economic lifeline that sustains the tyrannical regime until Tehran stands alone,” Bessent added.

Since the U.S.–Israel joint operation began in February, the president has made repeated threats against Iran’s Islamist regime, including that “a whole civilization will die tonight.”

The latest measures will add to the current list of sanctions targeting Iran’s banking, energy, and cryptocurrency industries. But they could extend to other nations as well.

In an op-ed for the Financial Times, Bessent also indicated that any country engaging financially with Iran would be affected by the administration’s “economic D-Day” efforts.

Treasury Department officials confirmed to The Epoch Times that Bessent will reveal secondary sanctions at the press conference. This move would allow the Treasury Department to take action against countries engaging in financial transactions with Iran.

“Iran’s enablers purchase and transport its petroleum. They facilitate the flow of its finances through exchange houses and free trade zones,” Bessent wrote.

“They welcome Iran’s flights and maintain registries on its behalf. They turn a blind eye to seaborne fuel transfers and the illicit use of their banks, all while concealing the extent of their complicity.

One major economy that could be in the crosshairs is China.

The months-long U.S. naval blockade has already affected the Chinese economy, especially in the energy sector. Ninety percent of Iran’s crude oil exports are shipped to Beijing.

Trump and Chinese leader Xi Jinping are scheduled to meet in Washington next month. The possibility that the current administration could impose Iran-related sanctions on China could impact sensitive trade negotiations between the two sides.

Economic Costs

For months, the White House has claimed that the Iranian economy has nose-dived as it contends with hyperinflation and a currency crisis.

“Iran is completely collapsing!” Trump said in an Aug. 24 Truth Social post.

Iran’s annual inflation rate came in at 88 percent in July.

Current conditions could be causing internal strife.

Mohsen Rezaee, secretary of Iran’s Supreme National Security Council, warned on social media that if Iran faces efforts to isolate it economically, the country will shut down oil traffic through the Persian Gulf and the Strait of Hormuz. He added that Iran would treat any nation that joins or supports what he called America’s “economic war against the Iranian people” as engaging in an act of war.

Meanwhile, Iranian President Masoud Pezeshkian defended the mid‑June memorandum of understanding between the two countries, calling it the most viable path for resolving what he described as a limbo situation, “neither war nor peace.”

He also acknowledged that nearly six months into the conflict, Iran has struggled to draw investment, underscoring the economic strain created by the ongoing war.

At the same time, the U.S. economy has also borne higher costs due to Middle East strife.

Crude oil prices have been elevated, trading around $80 per barrel. Motorists have felt the pain at the pump, with the average price per gallon above $4.

This has bled into headline inflation. The 12-month consumer inflation rate has accelerated to above 3 percent, while underlying inflation has remained tamer, running close to the Federal Reserve’s 2 percent target.

Another risk the United States faces is the upward pressure on long-dated government bond yields. The 30-year yield’s surge to its highest level since June 2007 prompted the Treasury Department to announce a doubling of debt buybacks to curb yields at the long end of the yield curve.

Aldgra Fredly contributed to this report.