WASHINGTON: US President Donald Trump has claimed that Iran is “completely collapsing” as Washington prepares to impose tougher economic sanctions on Tehran and intensify pressure on its government.
Trump made the statement on Monday on his Truth Social platform, without providing further details. His remarks came a day after US Treasury Secretary Scott Bessent warned that Washington was entering what he called an “economic D-Day” against Iran.
Bessent said the Trump administration had severely weakened Iran’s military and nuclear capabilities and would now use every available resource to further isolate the country economically. He described the planned campaign as a major financial offensive aimed at cutting off the economic lifelines supporting the Iranian government.
The Treasury secretary did not specify the exact measures or agencies that would be involved, but warned countries and other actors against challenging Washington’s Iran policy.
Iran, meanwhile, rejected the US pressure campaign. Foreign Ministry spokesperson Esmaeil Baghaei said Tehran would use its bilateral capabilities to confront American sanctions and argued that previous US measures had failed to achieve their objectives.
Baghaei said sanctions primarily harmed ordinary Iranians and accused Washington of violating principles of free trade and national sovereignty. Iranian Deputy Foreign Minister Kazem Gharibabadi also questioned Washington’s claims of victory, arguing that the need for a large-scale economic campaign contradicted US assertions that Iran’s military and nuclear capabilities had already been dismantled.
The economic pressure has already affected Iran’s currency. The Iranian rial fell to a historic low of around 2 million per US dollar on the unregulated market on Monday, according to tracking site TGJU. The currency has come under increased pressure as Washington seeks to restrict Iran’s trade and oil revenues.
Tensions have also raised concerns over the Strait of Hormuz, a crucial route for global energy shipments. Iran has warned vessels that violate its transit arrangements could face fines, detention or confiscation.
Oil prices slipped on Monday ahead of Washington’s expected announcement of additional sanctions. Brent crude fell more than $1 per barrel, while US West Texas Intermediate also declined.
Diplomatic efforts are continuing amid the escalating confrontation. Oman’s Foreign Minister Badr Albusaidi is due to visit Tehran for talks with Iranian officials on bilateral relations and regional issues.
China has also warned that it will closely monitor developments and take necessary steps to protect its interests as Washington prepares new sanctions targeting Iran and potentially its trading partners.
The latest developments have increased uncertainty over Iran’s economy, regional security and global energy supplies as Washington and Tehran remain locked in a widening confrontation.
