The US Treasury Secretary called on allied nations to cooperate with the United States in targeting Iran's economy, issuing an ultimatum to allies: “You are either with us or against us.”
On Thursday, 20 Aug 2026 GMT+7, Scott Bessent, US Treasury Secretary, urged allied countries to collaborate with Washington in “crushing” Iran's economy to overthrow its regime, delivering a stark warning to the international community: “You are either with us or against us.”
Bessent's remarks echoed prior threats by President Donald Trump, who stated that any country aiding the Iranian government would face severe economic consequences.
Trump claimed the US is preparing to launch the largest economic isolation measures in history, punishing Iran, its allies, and foreign businesses that continue trading, transferring money, or buying oil from Iran, with full details to be revealed at a press conference on 24 Aug 2026 GMT+7.
The US Treasury Department said these intensive economic pressure measures aim to reduce the need to resort to military force and full-scale war.
This latest US action follows joint US-Israeli attacks on Iran in February, aimed at halting nuclear weapons development, which Iran countered by attacking Israel, US bases, and closing oil transit routes in the Strait of Hormuz, causing severe global oil price volatility.
Although ceasefire agreements in April and June attempted negotiations, violations continued, leading to stalled talks, while Iran maintained strategic control over the Strait of Hormuz, a key shipping route.
Donald Trump shifted to targeting Iran's economy, which has been severely weakened by decades of international sanctions. Official data show that in the 12 months up to February 2026, essential goods prices in Iran rose by an average of 60%, and food prices doubled, triggering major nationwide protests.
However, analysts expect that while the US aims to destabilize the regime, Iranian citizens are accustomed to life under sanctions and believe the government will find ways to sustain trade and survival. Though the economy is affected, it may not collapse as the US anticipates.
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Source:bbc