US President Donald Trump speaks in the Roosevelt Room of the White House in Washington. BloombergShow caption: US President Donald Trump speaks in the Roosevelt Room of th…US President says any country doing business or providing to Tehran will face 'tremendous economic consequences'US President Donald Trump on Wednesday announced the "'most crushing economic operation ever taken” against any country, after Iran “tragically” failed to reach a deal with Washington.“No one has given the Islamic Republic of Iran a greater opportunity to make a Deal than me,” Mr Trump said on Truth Social. “This will be Economic Warfare and Isolation on an unprecedented scale.”Mr Trump also said that any country that allows financial institutions, businesses or government entities to provide any type of support to Iran will itself face “TREMENDOUS Economic Consequences”.“Oil smuggling, swap lines, cash transfers, exchange houses, ship registries, front companies – It all needs to stop NOW,” he wrote. “You know who you are.”Mr Trump said the country was “hanging by a thread”, with a destroyed military and a “worthless” currency.“These maniacs are on the ropes, and these HISTORIC MEASURES will cripple them and their ability to project terror worldwide,” he said.Treasury Secretary Scott Bessent previewed the economic campaign last Thursday, telling Newsmax that the US was preparing to announce new measures amounting to a “combination of economic isolation like the world has never seen before”.Iran's economy is in severe crisis, with the rial collapsing, plunging oil and trade output, and soaring inflation.A ceasefire between the US and Iran was shattered in early July, and the two countries have been engaged in sporadic tit-for-tat strikes, neither eager to return to full-scale war. Despite its economic situation, Iran has not capitulated to US demands, apparently content to wait things out.In the weeks since direct hostilities stopped, Washington has been examining paths forward to reopen the Strait of Hormuz, which Iran effectively closed at the start of the conflict in late February. The problem is that Iran is the second-most sanctioned country in the world, with more than 6,000 punitive economic measures issued against its financial, energy and petrochemical, aviation and cryptocurrency sectors.But the US is likely hoping that the announcement of economic consequences for countries dealing with Iran could be the key to tipping the scales to force Tehran to cut a deal favourable to Washington.The UAE cut financial ties with Iran on Tuesday, and others could soon follow.Updated: August 19, 2026, 11:41 PM