US Treasury Chief Vows 'Toughest Sanctions in History' Against Iran
US Treasury Secretary Scott Bessent says Washington will impose its toughest-ever sanctions on Iran and presses China to cooperate.
Washington is preparing to escalate economic pressure on Tehran. US Treasury Secretary Scott Bessent said on Thursday that the United States will impose what he called "the toughest sanctions in history" on Iran, framing the move as part of a broader strategy to isolate the regime.
Speaking to CNBC, Bessent described the approach as a "one-two punch," combining a naval blockade with sweeping financial restrictions. He asserted that the measures would "collapse this regime" and called on allies and other nations to make a clear choice. A press conference detailing the sanctions package is scheduled for Monday.
The announcement follows a warning from President Donald Trump on Wednesday, who threatened economic consequences for any country providing support to Iran. The comments come as Washington seeks to resolve a conflict it began alongside Israel nearly six months ago.
Bessent also addressed oil market reactions, which saw prices climb to three-week highs on Thursday. He suggested traders were misreading the situation, noting that maximum economic pressure could reduce the likelihood of a large-scale military escalation. "We have asymmetric information," he said, expressing puzzlement over the price surge.
Beijing was a clear focus of the Treasury Secretary's remarks. While declining to discuss private conversations, Bessent urged China to cooperate, pointing out that Beijing sources half of its energy from the Gulf region. "It would do them a big service to get with the program," he said, adding that all parties want the Strait of Hormuz reopened and energy prices lower.
China's embassy in Washington did not immediately respond to a request for comment. According to 2025 data from analytics firm Kpler, China purchases over 80% of Iran's shipped oil, making its cooperation critical to the success of the sanctions. However, further economic confrontation with China, a major US trading partner and key supplier of rare-earth minerals, carries risks of retaliation.
Iran, which has endured punishing sanctions for nearly five decades since the 1979 Islamic Revolution, dismissed the latest threats. Foreign Minister Abbas Araqchi characterized Trump's comments as an attempt to divert American public attention from domestic financial troubles, including record debt and rising interest rates.