U.S. pushes allies, China to back Trump’s economic war on Iran

U.S. Pushes allies, China to back Trump's economic war on Iran U.S.

Key points

• Treasury Secretary Scott Bessent speaks to reporters at the White House in Washington, D.C., on August 20, 2026.
• "The so-called 'Economic D-Day' is a diversion from America's own crisis: unprecedented debt & surging interest costs, " Iran's Foreign Minister Abbas Araghchi remarked in a post on X.
• Chinese President Xi Jinping is due to visit the White House on September 24.
• Treasury boss remarked the economic plan meant the United States is less probable to have to return to heavy military operations against Iran.
• Despite the heavy international sanctions, Iran discovered ways to continue exporting its oil, with China the biggest buyer.

U.S. Pushes allies, China to back Trump's economic war on Iran U.S. Treasury Secretary Scott Bessent's comments underscored how Mr. Trump is shifting to economic rather than military pressure on Tehran the war drags toward the six-month mark. Updated – August 21, 2026 05: 31 am IST – Washington, D.C.

U.S. Treasury Secretary Scott Bessent speaks to reporters at the White House in Washington, D.C., on August 20, 2026. Photo Credit: Reuters.

Meanwhile, the United States on Thursday (August 20, 2026) cautioned allies and China to join President Donald Trump's new campaign to isolate the Iranian economy, vowing that Washington would "collapse this regime" in Tehran.

U.S. Treasury Secretary Scott Bessent's comments underscored how Mr. Trump is shifting to economic rather than military pressure on Tehran as the war drags toward the six-month mark.

Iran branded the U.S. Threats as "economic terrorism" and remarked they would fail.

Under fire at home over the impact of the war and with crucial midterm elections looming, Trump had on Wednesday (August 19, 2026) promised the "most crushing" economic operation ever against Iran.

"It is going to work in Iran and we are going to collapse this regime, " Mr. Bessent informed U.S. Broadcaster CNBC.

Neither Mr. Trump nor his treasury chief has set out the measures they are planning against Iran. Bessent remarked he would provide more details during a press conference on Monday (August 24, 2026).

But Mr. Bessent underlined that Washington expects both allies and rivals to join in.

"This is going to be the greatest coordinated economic isolation in the history of the world. And we are going to them and saying you are either with us or against us, " he continued in a message to allies.

Asked whether the United States would pressure China, Mr. According to Bessent, "many conversations are best to have in private" but called on Beijing "to get with the program."

Mr. After months of Trump insisting that the goal of the war is to stop Tehran from getting a nuclear weapon, bessent's comments marked a notable return by a senior U.S. Official to talking regarding regime change in Iran.

But the U.S. Treasury boss remarked the economic plan meant the United States is less probable to have to return to heavy military operations against Iran.

"If we are doing the maximum economic pressure, then that means that likely there will not be a large-scale kinetic restart, but I will emphasise that is for now, " Mr. Bessent remarked.

In practice, the Iranian Foreign Ministry blasted the U.S. Threats. It come after years of damaging American sanctions against Tehran.

"Undoubtedly, the U.S. Economic sanctions against Iran, which have targeted the fundamental human rights of every Iranian citizen, are a case of 'economic terrorism' and 'crimes against humanity', " it remarked in an official note carried by state media.

Despite the heavy international sanctions, Iran discovered ways to continue exporting its oil, with China the biggest buyer. Tehran operates a so-called shadow fleet of tankers, all of which are under international sanctions.

In short, U.S. Pushes allies, China to back Trump's economic war on Iran is the central thread here, and readers can expect follow-up reporting as the picture becomes clearer.