US President Donald Trump described the move as an “economic landing day,” stressing that any country that allows its banks, companies, airports, or government institutions to provide a “lifeline” to Iran will face economic measures.
Treasury Secretary Scott Besent called on allies and China to join the campaign, considering that countries that refuse would stand “against Washington.” He linked Beijing’s cooperation to reopening the Strait of Hormuz and reducing energy prices.
China represents the most prominent test of the plan, as it is Iran’s largest trading partner and the main buyer of its oil. Washington has punished independent Chinese refineries, but has so far avoided targeting major banks that finance trade with Tehran.
The Chinese Foreign Ministry rejected the American threats, stressing that economic war will not resolve tensions, and calling for a political and diplomatic solution.
In parallel, Trump defended the war decision, saying that he would have taken it again, and claimed that the Iranian Navy, Air Force, and leadership had been subjected to severe blows. But he acknowledged Tehran’s continued possession of missiles and drones, and the possibility of an increase in energy and gasoline prices.
Iranian Foreign Minister Abbas Araqchi responded by describing the campaign as “economic terrorism,” while Deputy Foreign Minister Kazem Gharibabadi considered that Washington had resorted to economic war after the failure of the military path.
The campaign comes amid faltering negotiations over the memorandum of understanding signed on June 17, especially with regard to reopening the Strait of Hormuz, after Iran presented six demands that it said constituted a condition for the full resumption of navigation. (the East)
