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Bessent told CNBC’s “Squawk on the Street” that the Trump administration will use secondary sanctions to penalize countries and companies that continue to do business with Tehran.

"If you insist on doing business with them, either transferring money, buying their oil… then the US Treasury and the US government will put [their] full might and force towards enforcing against you."

WASHINGTON – The Trump administration says it will be unveiling dramatic new measures against Iran, as soon as this week, that it hopes will cripple the nation's ailing economy and drain Tehran of the resources its needs to stay in the war.

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Trump now says the attacks on commercial shipping are of "nuisance value." After President Donald Trump declared the memorandum of understanding between the U.S. and Iran was "over" on July 7, he threatened heavy strikes on Iran whenever commercial vessels were hit in the Strait of Hormuz or the Bab al-Mandeb Strait.

A cow painted on the side of one of his barns is a throwback to his family's six generations of dairy farming, but in 2018, he reversed course. The economics of dairy just didn't work any longer, he says. Now he's all in on soybeans and corn and is excited about this fall's harvest. He acknowledges, though, that it's hard to predict yields until the combines start rolling.

"Oil smuggling, swap lines, cash transfers, exchange houses, ship registries, front companies — It all needs to stop NOW," he continued. "You know who you are. This will be an ECONOMIC D-DAY, and we need all of our Allies to stand with the United States of America to isolate, and defeat, the Iran threat. These maniacs are on the ropes, and these HISTORIC MEASURES will cripple them and their ability to project terror worldwide." This is a developing story. Please check back for updates.

Trump’s Economic Threat Puts Focus on Iran’s Trading Partners President Trump appeared to suggest that the United States would impose economic penalties on countries that do business with Iran, though he did not specify what actions he would take.

Crude threats break diplomatic stalemates. Trump's unpredictable pressure on Iran gets results where quiet negotiations failed. Read Full Article ⟶

Iran on Thursday dismissed U.S. President Donald Trump’ s threats of economic pain and isolation, while the U.K and other nations condemned Israel over a controversial settlement project.

Writing on Truth Social on Wednesday evening, Trump slammed the Islamic Republic for refusing to come to the table, warning that the time for polite diplomacy is officially over.

According to CNN’s Fareed Zakaria, Iran has been under international economic sanctions for decades, and there were few measures the U.S. could take outside of sanctioning or cutting off relations with Tehran’s largest trading partners.