US-Iran-China: Economic Warfare Enters a Triangular Phase

The United States has shifted its conflict with Iran from military action to economic warfare, focusing on finance, trade, and sanctions as key battlegrounds. This new phase includes efforts to impose a near-total embargo and pressure other nations to choose between trading with Iran or accessing the US economic system. Treasury Secretary Scott Bessent has named the offensive "Operation Economic Outcast," while President Trump calls it "Economic D-Day". The administration aims to cut off Tehran's financial networks by targeting crypto operations, technology, aviation, and shipping, with secondary sanctions affecting those who deal with Iran in these sectors. Measures have been announced against over sixty individuals, companies, and ships. Iran's economy is deteriorating under pressure, with the rial collapsingaint, inflation near 90 percent, and fuel shortages, while Washington seeks to avoid directly confronting China, which buys most of Iran's oil. The effectiveness of secondary sanctions is limited by the need to maintain a fragile trade truce with Beijing, which uses an elaborate network of shadow companies to keep the oil flowing.