
US Treasury Secretary Scott Bessent announced on August 20 a campaign aimed at collapsing the Iranian economy, which Donald Trump frames as the "toughest economic war" ever waged against a country, and warned that China and other trading partners of Tehran should cut ties with Iran. Bessent is set to detail these sanctions at a press conference on Monday. Iran has denounced this as a violation of international law, and an Iranian general has vowed a "crushing, punitive, and devastating" response. Maritime traffic in the Strait of Hormuz has significantly decreased as talks between Washington and Tehran remain at a standstill.
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