Trump threatens countries doing business with Iran in new economic crackdown

US President Donald Trump has announced what he called the “most crushing economic operation” against Iran, threatening consequences for countries that continue doing business with Tehran.

The announcement comes as efforts to end the more than five-month US-Iran war remain deadlocked.

In a Truth Social post on Wednesday, Trump said Iran had “failed to take” an opportunity to reach a deal and threatened “economic warfare and isolation on an unprecedented scale”.

“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.

He called the campaign an “ECONOMIC D-DAY” and urged US allies to help isolate Iran.

The Trump administration has already imposed extensive sanctions targeting Iran's oil, shipping and financial sectors under its Operation Economic Fury campaign.

Iranian media dismissed the latest announcement as the semi-official Tasnim news agency said the move was “not a new development” and claimed Iran had become skilled at circumventing US restrictions.

The move follows the United Arab Emirates' decision to suspend financial ties with Iran after accusing Tehran of launching ballistic missiles towards its waters, an allegation Iran denied.