US Treasury to escalate Iran sanctions Monday

The U.S. Treasury Department is expected to announce a new phase of financial pressure against Iran on Monday, following President Donald Trump's promise of an "ECONOMIC D-DAY" to force concessions as negotiations stall. The plan aims to crack down on countries and entities providing Iran economic lifelines, including oil smuggling, cash transfers, and front companies. Treasury Secretary Scott Bessent framed it as economic warfare, combining the naval blockade with "the toughest sanctions in history," though details on potential action against China remain undisclosed. Iran's currency hit a record low ahead of the announcement, but Tehran warned it will view support for the measures as an "act of war" and continues to leverage control over the Strait of Hormuz.