US sanctions on Iran draw defiant response from Tehran
The United States announced Monday it will cut off all economic resources to Iran, warning partner nations of consequences, while Tehran dismissed the move as an admission of defeat. President Donald Trump stated Iran is "collapsing completely." Treasury Secretary Scott Bessent unveiled new secondary sanctions targeting Iran's trading partners in gold, technology, digital assets, aviation, and shipping. He warned non-participating countries would "share Iran's isolation" and face expulsion from the dollar system, though he did not specify implementation dates or target nations. The sanctions follow a February 28 Israeli-American offensive that has left diplomacy stalled. Iran's economy minister vowed a two-year counter-plan, while inflation hit 66% and oil exports dropped to 0.4 million barrels daily. The strategic Strait of Hormuz remains locked by Tehran, raising global oil prices ahead of US midterm elections.