Iran’s leaders acknowledge economic toll of war, pledge diplomacy, defence

Iran’s president said sanctions and the US naval blockade had caused exports and imports to slump by nearly 35 percent. Iran’s leaders have acknowledged the mounting economic damage of six months of war with the United States , with the president saying foreign trade has shrunk by more than a third under US sanctions and a naval blockade. The admissions came on Saturday as Tehran signalled it would not back down, pledging to withstand US pressure , pursue diplomacy and maintain what it says is control over the Strait of Hormuz. The government said addressing the economic fallout was now a central focus, including curbing inflation, creating jobs and gradually reducing dependence on the dollar. President Masoud Pezeshkian told state media that exports and imports had slumped nearly 35 percent because of sanctions and the blockade of Iranian ports .

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