Bessent announces campaign to create "economic onslaught" against Iran and its partners

TL;DR

Treasury Secretary Scott Bessent launched "Operation Economic Outcast" on behalf of the Trump administration.
The operation aims to use economic tools to reopen the Strait of Hormuz and end the war with Iran.
It expands secondary sanctions to entities and countries transacting with Tehran, targeting sectors like digital assets, gold, aviation, technology, and shipping.
Entities facilitating money laundering for Iran will be removed from the U.S. dollar system.
The administration is offering a "cure period" for some sanctions but warns of swift action.
President Trump is contacting world leaders to cease interactions with the Iranian regime.
The campaign is described as an "economic D-Day" and the "single greatest financial offensive ever marshaled against an adversary."
Previous sanctions have targeted companies and individuals involved in money laundering and illicit financial activities.
A sanctions expert noted that this operation was "not economic D-Day" and questioned the U.S.'s ability to damage international relations without meaningfully targeting China.

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