Treasury Secretary Bessent says US will 'squash' Iranian economy, collapse 'murderous regime'

Jerusalem Post/World News"I see lots of reports that said, 'oh, well, this has never worked.' It does work, because we have a combination. It is a one-two punch," Bessent said.Follow us on GoogleUS Treasury Secretary Scott Bessent stands behind U.S. President Donald Trump who speaks to the media on the day of a NATO leaders' summit in Ankara, Turkey, July 8, 2026.(photo credit: REUTERS/UMIT BEKTAS)ByESTHER DAVISAUGUST 21, 2026 01:53"We are going to collapse this [the Iranian] regime," US Treasury Secretary Scott Bessent told CNBC in an interview on Thursday."You are either with us or against us," he added, "we are going to squash the economy of this murderous regime."Bessent explained that the US will be increasing economic pressure pressure on Iran, reiterating US President Donald Trump's statements on Truth Social on Wednesday night, when the president announced that Iran would face "an ECONOMIC D-DAY." He added that he will be holding a press conference on Monday to discuss exactly what the economic pressure will entail, noting that if any of American allies continue doing business with Iran, whether transferring money, or buying their oil, "then the US Treasury and the US government, they will put its full might and force toward enforcing against you.""I see lots of reports that said, 'oh, well, this has never worked.' It does work, because we have a combination. It is a one-two punch," Bessent told CNBC. "We have the blockade, and we are going to have the toughest sanctions in history. And I will tell you, this will work. It worked in Venezuela once we put up the blockade. It is working in Cuba right now. And it is going to work in Iran, and we are going to collapse this regime."US Treasury Secretary Scott Bessent looks on as he speaks to the media after two days of meetings with a Chinese delegation, in Paris, France March 16, 2026 (credit: REUTERS/Abdul Saboor)Bessent also echoed Trump's claim that the US, not Iran, controls the Strait of Hormuz."We do have control of the strait," he said, adding "You would have seen media reports that large amounts of energy are getting out. And I think that we can continue doing that in the southern lane, and that I think oil markets are misinterpreting what this economic pressure means.""The economic pressure means that we are going to, all of our allies, and this is going to be the greatest coordinated economic isolation in the history of the world."Bessent's comments follow statements from Trump about economic sanctionsTrump warned on Wednesday of economic consequences against any country that provided "any type of lifeline to Iran."In a post on Truth Social, Trump promised "Economic Warfare and Isolation on an unprecedented scale," although details were limited."ANY country that allows its financial institutions, businesses, airports, or government entities to provide any type of lifeline to Iran will itself face TREMENDOUS Economic Consequences," Trump wrote.However, Iran Foreign Minister Abbas Araghchi said in a post on X/Twitter that Trump's comments were an attempt to divert American public opinion away from domestic financial problems, including record debt and rising interest rates.Trump did not say what specific steps the US would take against such a country.Jerusalem Post Staff contributed to this report.Follow us on Google