Trump announced the campaign late Wednesday, threatening consequences for countries that continue to provide Iran with access to global trade and financial networks.
Trump did not specify what specific measures would be imposed on countries that continue to do business with Iran. TIME has reached out to the White House for comment.
“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,” he said.
Treasury Secretary Scott Bessent said on Thursday the United States will impose "maximum economic pressure" on Iran.
Iranian officials rejected Trump’s threats and instead pointed to the strains the conflict has placed on the U.S. economy.
“Doubling down on failed policies will only bring further defeat—and enmity of Iranians. U.S. economic terrorism threatens global economy and sovereignty worldwide,” he said Thursday morning.
Iran's deputy foreign minister Kazem Gharibabadi similarly took aim at Trump’s rhetoric, arguing that the President’s threats have become less relevant as the conflict, which began on Feb. 28, approaches its six-month mark.
Trump has repeatedly used maximalist rhetoric during the war, previously warning that a “whole civilization would die” if Iran failed to meet a deadline for a deal in April and, more recently, weighing a "massive attack” against Tehran at the end of July.
The latest warning came a day after the United Arab Emirates (UAE), a major regional trading hub with Iran, announced that it would suspend trade with Iran following reported missile strikes.
Some Iranian officials have responded by calling for the country to abandon its international nuclear commitments.
The NPT, also known as the Nuclear Non-Proliferation Treaty, is an international agreement aimed at stopping the spread of nuclear weapons.
Trump has repeatedly cited preventing Iran from obtaining a nuclear weapon as a justification for U.S. military action
Where U.S.-Iran negotiations stand
Trump’s renewed economic threats come as negotiations between Washington and Tehran appear to have stalled amid disagreements over the Memorandum of Understanding (MOU), signed by both countries on June 17.
But Washington and Tehran have since offered differing interpretations of the agreement, and fighting resumed before the diplomatic process produced a broader settlement.
Senior Iranian lawmaker Ebrahim Azizi on Thursday reiterated one of Iran’s demands to end America's “presence in the region immediately” and warned that “any further mistake or miscalculation will carry consequences far greater than before.”
The 60-day threshold has now passed and there is little sign of a renewed cease-fire agreement.
“If Oman gets in the way, we’ll bomb the sh-t out of them,” Trump told Fox News reporter Trey Yingst on Monday.
When asked whether the sanctions would target China, Bessent responded: “Many conversations are best to have in private, and we are confident that everyone wants the Strait (of Hormuz) re-opened, and for energy prices to come back down,” adding “it would do them a big service to get with the program.”
Trump’s warning that countries doing business with Iran could face economic consequences raises questions about how the policy could affect Beijing as Chinese President Xi Jinping prepares to visit the U.S. next month.
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