U.S. President Trump wrote on the "Truth Social" on Wednesday (August 19): "No one has given Iran more opportunities to reach an agreement than me" and criticized Tehran for failing to seize the opportunity, so he will launch "unprecedented large-scale economic war and isolation actions" against Tehran.
Trump said any country that allows its financial institutions, businesses, airports or government entities to provide "any kind of lifeline" to Iran will also face significant economic consequences. The post stated: "Oil smuggling, exchange arrangements, cash transfers, currency exchange operators, ship registries, shell companies, it all must stop immediately. You know who I am talking about."
Trump described the economic war with Iran as an "economic version of D-Day" and called for the support of U.S. allies to isolate Iran and deal with the threat posed by Tehran. D-Day was originally a military term to describe the day when a major battle or military operation was officially launched. The most famous operation was the Normandy landing on June 6, 1944.
Iranian Foreign Minister Abbas Araghchi responded on Thursday that Trump's announcement of an "economic version of D-Day" against Iran was intended to shift the focus of domestic problems in the United States and accused the United States of being saddled with historically high national debt.
Araghchi wrote on the
China may become one of the countries hardest hit
Although the United States has not yet announced a specific plan for this "economic war", it has not indicated what specific consequences countries that support Iran will face. But given that oil exports are an important source of revenue for Tehran, the warning has been seen as affecting countries such as Russia, India and China that continue to buy Iranian oil. In addition, it may also affect the United Arab Emirates (UAE), an ally that assists in promoting negotiations between the United States and Iran and owns important US military bases.
On Tuesday, the United Arab Emirates announced that it would suspend all trade activities, commercial contacts and financial transactions with Iran until further notice. Previously, the Arab Ministry of Defense stated that it had detected two missiles launched from Iran crashing into the sea, but Iran refuted this statement as baseless.
If Trump really implements relevant policies, China may become one of the countries hardest hit. China is Iran's largest trading partner and the main buyer of Iranian oil exports. China buys more than 80% of Iran's seaborne oil exports, according to 2025 data from energy analytics firm Kpler.
However, if the United States further launches an economic war against China, it may also face the risk of retaliation. China is not only an important trading partner of the United States, but also a major exporter of key rare earth minerals, while the Trump administration is trying to forge new trade relations with Beijing.
Chinese Foreign Ministry spokesperson Lin Jian did not directly respond to whether Beijing would be affected at a regular press conference on Thursday (20th). He only reiterated that "sanctions and pressure will not help solve the problem. China calls on relevant parties to take responsible measures and resolve it through political and diplomatic channels."
Trump faces domestic pressure
With the U.S. midterm elections less than three months away, Trump is now facing tremendous domestic pressure. Especially in recent weeks, there has been almost no progress in U.S. actions against Iran, whether at the diplomatic or military level.
In June this year, the 60-day period set when the United States and Iran reached a preliminary agreement expired on Monday, but the two sides failed to reach a final peace agreement. The two countries still have major differences on a number of issues, including Iran's nuclear program. Now the United States has imposed a naval blockade on Iranian shipping and ports, while Tehran has attacked commercial ships in the Strait of Hormuz.
Mohammad Mokhber, an adviser to Iran's supreme leader, said Iran is still open to dialogue with the United States but will not equate negotiations with surrender, Iran's semi-official Fars news agency reported on Tuesday.
Mokhbel pointed out that neither military pressure nor economic sanctions can shake Iran's determination.
Trump said on Tuesday that there were currently no negotiations between Washington and Tehran after the 60-day deadline for the two sides to reach a final peace agreement expired.
However, just the day before Trump's statement, his son-in-law and special envoy Jared Kushner claimed that U.S.-Iran negotiations were still ongoing and "probably more active than ever before."
