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President Donald Trump announced what he called "the most crushing economic operation ever taken against any country" against Iran, warning nations that help Tehran evade the pressure will face consequences.
Iranian Foreign Minister Abbas Araghchi dismissed the campaign in a post on X as a diversion that would bring Washington "further defeat."
"The so-called 'Economic D-Day' is a diversion from America's own crisis: unprecedented debt & surging interest costs," he wrote.
"Doubling down on failed policies will only bring further defeat, and enmity of Iranians. US economic terrorism threatens global economy and sovereignty worldwide," Iran's top diplomat noted.
Araghchi posted a New York Times article beneath his statement about the U.S. national debt crossing the $40 trillion threshold.
"No one has given the Islamic Republic of Iran a greater opportunity to make a Deal than me. Tragically, for them, they have failed to take it. Therefore, today, I am announcing the most crushing economic operation ever taken against any country! This will be Economic Warfare and Isolation on an unprecedented scale," Trump wrote on Truth Social.
"Today, I am also announcing that any country that allows its financial institutions, businesses, airports, or government entities to provide any type of lifeline to Iran will itself face tremendous economic consequences," Trump wrote.
He specifically cited "oil smuggling, swap lines, cash transfers, exchange houses, ship registries, front companies" as activities that must stop.
"It all needs to stop now," he said, adding, "You know who you are."
Trump claimed Iran's military capabilities had been severely degraded, saying, "Their navy is gone, their air force is destroyed, their military factories are now rubble."
He described Iran's currency as "worthless" and said the country was "hanging by a thread."
He said Iran is "on the ropes, and these historic measures will cripple them and their ability to project terror worldwide."
Trump dubbed the campaign an "Economic D-Day" and called on U.S. allies to join in isolating Iran. "We need all of our Allies to stand with the United States of America to isolate, and defeat, the Iran threat," he said.
He closed by reiterating his administration's position on Iran's nuclear program: "Iran will never have a nuclear weapon."
Trump did not offer further details about the specific measures the operation would entail.
Earlier Wednesday, Trump had said the "situation" with Iran "was so good," telling reporters talks could resume "maybe at some point."
Asked about potential sanctions at a separate White House event, Trump said: "Well, we have things that we could sanction. We have very draconian sanctions, and we'll see what happens."
Iran's semi-official Tasnim News Agency described Trump's announcement as a renewed version of a "failed" maximum-pressure campaign.
"Donald Trump, who throughout his presidency has pursued a policy of 'maximum pressure' against Iran, and after the failure of this policy resorted to military threats, has once again resorted to the tactic of 'economic warfare,' claiming to be declaring an 'economic war' against Iran," Tasnim said.
Tasnim argued the U.S. has already spent years attempting to restrict Iran's financial and commercial ties with the outside world.
"Iran has learned to circumvent these restrictions and has become adept at doing so," the agency said
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