Can Trump's economic war against Iran do what airstrikes and negotiations couldn't?
Latest update from Financial Times: The report is now confirmed by Financial Times. Latest update from NPR News: The report is now confirmed by NPR News. Tehran may count on links with China and others to weather the storm, but average Iranian people will bear the brunt. Tehran, Iran – Iranians are preparing for further economic pain as the United States gets ready to announce a new round of punishing sanctions on Iran. US Treasury Secretary Scott Bessent is expected to announce new economic measures against the country on Monday, designed to “squash” the Iranian economy and “collapse” the government. US President Donald Trump has also warned of an “economic D-Day”, with the US preparing the most potent financial measures against any country, aimed at Iran. But analysts say the penalties are unlikely to change the behaviour of Iran, already one of the most sanctioned countries in the world.
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It has also relied on using local currencies, barter measures, intermediaries and discounts as a way around the sanctions. A naval blockade enforced by the US military on Tehran has physically stopped most Iran-linked ships from transiting through the country’s southern ports.
Dated changes to this report are shown here as they are published.
Version 2unpublished
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Version 3published
Conflict in the Middle East has been escalating. These stories provide context for current developments and the history that led up to them. Vehicles drive past a billboard with an illustration showing the Strait of Hormuz and the sewn lips of President Trump in a square in downtown Tehran, Iran, May 2. Vahid Salemi/AP hide caption When the U.S. and Israel launched their war against Iran in February, President Trump vowed a swift victory. Now, nearly six months later, and on the heels of a failed 60-day ceasefire deadline that was meant to end the war, the U.S. instead finds itself entangled in a protracted conflict.
Version 4unpublished
Removed by Scoop Timeline eligibility policy
Version 5published
Conflict in the Middle East has been escalating. These stories provide context for current developments and the history that led up to them. Vehicles drive past a billboard with an illustration showing the Strait of Hormuz and the sewn lips of President Trump in a square in downtown Tehran, Iran, May 2. Vahid Salemi/AP hide caption When the U.S. and Israel launched their war against Iran in February, President Trump vowed a swift victory. Now, nearly six months later, and on the heels of a failed 60-day ceasefire deadline that was meant to end the war, the U.S. instead finds itself entangled in a protracted conflict.
Version 6unpublished
Removed by Scoop Timeline eligibility policy
Version 7published
Conflict in the Middle East has been escalating. These stories provide context for current developments and the history that led up to them. Vehicles drive past a billboard with an illustration showing the Strait of Hormuz and the sewn lips of President Trump in a square in downtown Tehran, Iran, May 2. Vahid Salemi/AP hide caption When the U.S. and Israel launched their war against Iran in February, President Trump vowed a swift victory. Now, nearly six months later, and on the heels of a failed 60-day ceasefire deadline that was meant to end the war, the U.S. instead finds itself entangled in a protracted conflict.
Version 8unpublished
Removed by Scoop Timeline eligibility policy
Version 9published
Conflict in the Middle East has been escalating. These stories provide context for current developments and the history that led up to them. Vehicles drive past a billboard with an illustration showing the Strait of Hormuz and the sewn lips of President Trump in a square in downtown Tehran, Iran, May 2. Vahid Salemi/AP hide caption When the U.S. and Israel launched their war against Iran in February, President Trump vowed a swift victory. Now, nearly six months later, and on the heels of a failed 60-day ceasefire deadline that was meant to end the war, the U.S. instead finds itself entangled in a protracted conflict.
Version 10unpublished
Removed by Scoop Timeline eligibility policy
Version 11published
Conflict in the Middle East has been escalating. These stories provide context for current developments and the history that led up to them. Vehicles drive past a billboard with an illustration showing the Strait of Hormuz and the sewn lips of President Trump in a square in downtown Tehran, Iran, May 2. Vahid Salemi/AP hide caption When the U.S. and Israel launched their war against Iran in February, President Trump vowed a swift victory. Now, nearly six months later, and on the heels of a failed 60-day ceasefire deadline that was meant to end the war, the U.S. instead finds itself entangled in a protracted conflict.
Version 12unpublished
Removed by Scoop Timeline eligibility policy
Version 13published
Conflict in the Middle East has been escalating. These stories provide context for current developments and the history that led up to them. Vehicles drive past a billboard with an illustration showing the Strait of Hormuz and the sewn lips of President Trump in a square in downtown Tehran, Iran, May 2. Vahid Salemi/AP hide caption When the U.S. and Israel launched their war against Iran in February, President Trump vowed a swift victory. Now, nearly six months later, and on the heels of a failed 60-day ceasefire deadline that was meant to end the war, the U.S. instead finds itself entangled in a protracted conflict.
Version 14unpublished
Removed by Scoop Timeline eligibility policy
Version 15published
Conflict in the Middle East has been escalating. These stories provide context for current developments and the history that led up to them. Vehicles drive past a billboard with an illustration showing the Strait of Hormuz and the sewn lips of President Trump in a square in downtown Tehran, Iran, May 2. Vahid Salemi/AP hide caption When the U.S. and Israel launched their war against Iran in February, President Trump vowed a swift victory. Now, nearly six months later, and on the heels of a failed 60-day ceasefire deadline that was meant to end the war, the U.S. instead finds itself entangled in a protracted conflict.
Version 16unpublished
Removed by Scoop Timeline eligibility policy
Version 17published
Latest update from Financial Times: The report is now confirmed by Financial Times. Latest update from NPR News: The report is now confirmed by NPR News. Tehran may count on links with China and others to weather the storm, but average Iranian people will bear the brunt. Tehran, Iran – Iranians are preparing for further economic pain as the United States gets ready to announce a new round of punishing sanctions on Iran. US Treasury Secretary Scott Bessent is expected to announce new economic measures against the country on Monday, designed to “squash” the Iranian economy and “collapse” the government. US President Donald Trump has also warned of an “economic D-Day”, with the US preparing the most potent financial measures against any country, aimed at Iran. But analysts say the penalties are unlikely to change the behaviour of Iran, already one of the most sanctioned countries in the world.
