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Treasury Secretary Scott Bessent will hold a press conference Monday to announce sanctions against Iran that he described to CNBC as the greatest campaign of "coordinated economic isolation in the history of the world."
"At dawn begins an economic D-Day — the single greatest financial offensive ever marshalled against an adversary," Bessent said in an opinion piece he authored in The Financial Times on Sunday.
The Teasury Secretary told CNBC on Thursday that the U.S. will "collapse" the Islamic Republic with the "toughest sanctions in history."
The Trump administration demands that U.S. allies and the rest of the world stop doing business with Iran, Bessent said. The U.S. will use its "full might" against anyone who does not comply, he told CNBC.
"We are going to them and saying you are either with us or against us," Bessent told CNBC. "It is time for our allies and the rest of the world to make a decision, and we are going to squash the economy of this murderous regime."
Bessent's press conference comes after U.S. President Donald Trump said last week that the U.S. will target Iran with the "most crushing economic operation ever taken against any country."
Trump also threatened severe financial penalties against any nation that helps Iran evade sanctions, adding in a post on Truth Social that "this will be Economic Warfare and Isolation on an unprecedented scale."
Iran's Islamic Revolutionary Guard Corps has dismissed Trump administration threats, according to state media. An IRGC spokesperson said Sunday that Iran has ways "to counter the adverse effects of the enemy's war" and that it can "easily establish economic relations with countries."
"The U.S. president says that he ordered an economic war and launched the most severe economic campaign against Iran. This amounts to an implicit admission of the enemy's humiliating defeat in the military arena," the IRGC spokesperson said, according to state media.
WATCH: Watch CNBC’s full interview with Treasury Secretary Scott Bessent
