Trump vows new economic pressure on Iran, outlines possible sanctions and blockades

President Donald Trump announced on Friday that the United States will increase economic pressure on Iran, following Treasury Secretary Scott Bessent’s warning that unprecedented measures could be implemented as early as next week. The United States, together with the United Nations and the European Union, has maintained sanctions on Iran since the late 1970s over its nuclear program, human-rights record and support for militant groups. Since the conflict began in February, Washington added maritime, energy and financial sanctions and imposed a naval blockade.

The Treasury’s Office of Foreign Assets Control has sanctioned more than 1,000 individuals, vessels and aircraft during Trump’s second term, targeting Iran’s shadow oil fleet, shipping insurers, entities facilitating weapons procurement and digital exchanges, freezing an estimated $500 billion in Iran-linked cryptocurrency.

Experts say the administration could expand pressure by sanctioning Chinese “teapot” refiners that process a large share of Iran’s oil exports, as well as by imposing secondary sanctions on major Chinese banks suspected of handling Iranian funds. Such actions could deter larger financial institutions but might provoke retaliation from Beijing, officials noted.

Bessent’s remarks are seen as a signal that the Treasury will step up enforcement against oil shippers, purchasers and currency exchangers that enable Iran to fund its war effort, according to sanctions analysts. Additional aviation sanctions are also possible, aimed at limiting Iran’s ability to move trade after the U.S. blockade of the Strait of Hormuz.

Some U.S. and Israeli officials have floated a land blockade that would require cooperation from Iran’s neighbors, including Iraq, Turkey, Pakistan, Afghanistan, Turkmenistan, Azerbaijan and Armenia. While a blockade could restrict imports of food, energy and textiles, experts say it would be difficult to enforce and might not generate internal dissent in Iran.

President Trump has repeatedly threatened tariffs on goods from countries that do business with Iran. A recent Senate-passed sanctions bill includes new Iran provisions and could grant the president additional tariff authority, though the measure still faces hurdles in the House of Representatives.