US announces new sanctions on Iran, targets global trade

The United States announced a sweeping new round of economic sanctions against Iran on Monday, August 24, 2026, in a move the Trump administration has dubbed "Operation Economic Outcast." Treasury Secretary Scott Bessent unveiled the measures, which aim to sever Iran's financial connections globally and pressure countries to cease all trade with Tehran. The announcement comes amid an ongoing conflict between the U.S. and Iran that has lasted nearly seven months. Bessent, speaking at a press conference, described the initiative as an "economic onslaught" and an "Economic DDay," invoking World War II imagery.