U.S. President Donald Trump announced on social media his intention to initiate what he termed as “the MOST CRUSHING ECONOMIC OPERATION EVER TAKEN AGAINST ANY COUNTRY” targeting Iran. Describing it as Economic Warfare and Isolation on an unparalleled scale, Trump issued a warning about potential economic repercussions for any nation supporting Tehran or extending any form of assistance to Iran.

In a post on social media platform Truth Social, Trump cautioned against any country allowing their financial institutions, businesses, airports, or government entities to provide support to Iran, threatening severe economic consequences. Without specifying the exact measures Washington would take against such nations, Trump emphasized the need to halt activities like oil smuggling, swap lines, cash transfers, exchange houses, ship registries, and front companies immediately, addressing the unidentified countries with the message, “You know who you are.”

The ongoing conflict in the Gulf region has resulted in numerous casualties over the past six months, with Iran demonstrating its control over shipping routes through the Strait of Hormuz, a critical passage for global oil trade. Despite two failed ceasefire agreements between the U.S. and Iran in April and June, efforts to restore normal shipping operations through Hormuz have faced obstacles, complicating the path towards resolving the conflict.

Amidst conflicting reports on U.S.-Iran talks, the United Arab Emirates announced a suspension of trade activities, commercial exchanges, and financial transactions with Iran following allegations of missile launches from Iran. China, a significant buyer of Iranian oil, poses a potential challenge for the U.S. in escalating economic tensions due to its essential exports to the U.S., including rare-earth minerals.

While Iran remains open to dialogue with the U.S., emphasizing that negotiations should not be mistaken for surrender, Trump dismissed the existence of ongoing talks with Iran. In contrast, Jared Kushner, Trump’s son-in-law and special envoy, expressed optimism about the progress of discussions with Iran, suggesting they were more active than ever before.