U.S. will collapse Iran's economy by shutting down its oil industry, Treasury secretary says
Trump has launched a maximum pressure campaign on Iran but has also said he wants to negotiate a nuclear deal with the Islamic Republic.
President Donald Trump's sanctions against Iran are designed to shut down the country's oil industry and "collapse its already buckling economy," Treasury Secretary Scott Bessent said Thursday.
The U.S. is deploying sanctions against Iran aggressively for "immediate maximum impact," Bessent told the Economic Club of New York. Trump's goal is to slash Iran's oil exports of 1.5 million barrels per day to a trickle, the Treasury secretary said.
"We are going to shut down Iran's oil sector and drone manufacturing capabilities," Bessent said. The administration also intends to cut off Tehran's access to the international financial system, he said.