At a much-anticipated press conference Monday, Secretary of the Treasury Scott Bessent minced no words. The United States, he said, is now imposing unprecedented sanctions not only on Iran but on every country, corporation, bank, and shipping company that does business with that regime.  

Thanks to these US policies, Bessent said, all Iran’s facilitators must now choose between economic ties with the US and those with the Islamic Republic of Iran. Do business with Iran and you will be severed from the US market and the entire dollar-based trading system, the centerpoint of the world economy. 

That policy can be summed up in two words: “economic asphyxiation.” Bessent actually used those words.  

Don’t expect to hide your transactions, either—a longtime tactic of Tehran. The Treasury Department has developed a comprehensive map of every entity that does business with Iran. It can map current transactions. “Stop now,” Bessent declared, or expect harsh consequences. 

Since Beijing is Iran’s biggest enabler, reporters naturally asked if those sanctions—and consequences—applied to Chinese banks and companies. Bessent effectively said “yes” without directly mentioning China or any other country. His tough language, however, made clear that everyone was included and none were beyond the reach of US sanctions. 

How quickly will the sanctions be implemented? Right away, although Bessent declined to specify a timeline. A reasonable assumption is that countries and companies might have a week or two, at most, to unwind their connections and comply with US demands before the hammer falls. 

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