Trump administration prepares sweeping new sanctions against Iran
The Trump administration is preparing to unveil new details of what President Donald Trump has called economic warfare against Iran, marking a new phase in the nearly six-month conflict.
(NBC)- The Trump administration is preparing to unveil new details of what President Donald Trump has called economic warfare against Iran, marking a new phase in the nearly six-month conflict.
Treasury Secretary Scott Bessent said Monday marks an “economic D-Day” and described the effort as the largest financial offensive against an adversary.
Bessent is expected to announce sweeping new sanctions against Iran along with increased pressure on countries that continue doing business with Tehran.
“This is going to be the greatest coordinated economic isolation in the history of the world,” Bessent said, adding that countries will be told they are “either with us or against us.”
Top Republicans are backing the strategy. House Speaker Mike Johnson said he expects U.S. allies to assist with the next phase of the effort.
China, Iran’s largest economic ally, has so far resisted the crackdown and called for diplomacy.
The administration is also escalating economic pressure against Canada after trade negotiations between the two countries broke down.
Canada is now facing a 50% U.S. tariff on about $20 billion worth of imports, affecting products ranging from dairy and clothing to building materials and hockey equipment.
Canadian Prime Minister Mark Carney said his government will respond with tariffs of its own, including measures targeting U.S. steel, dairy products and electronics.
“Canada will match Washington’s new tariffs dollar for dollar,” Carney said.
The U.S. Chamber of Commerce has warned that higher tariffs could hurt both economies and increase costs for American families. While tariffs target imported products, U.S. businesses importing those goods pay the additional costs and can pass them along to consumers.
Iran, meanwhile, has dismissed the latest U.S. sanctions as “desperate” and says the measures will fail.
