US threatens economic warfare on Iran, secondary sanctions

US Treasury Secretary Scott Bessent said Thursday in a interview with CNBC Iran will face the "greatest coordinated economic isolation in the history of the world."

Bessent said secondary sanctions on nations and companies with trade and business ties with Iran could be imposed.

He said now is the time for US allies to make a stance.

Iranian Foreign Minister Abbas Araghchi rejected the economic threats saying that such "failed policies" will stir more hostility among Iranians and "bring more failures."

Araghchi's comments came just hours after President Donald Trump threatened "Economic Warfare and isolation" on an unprecedented scale against Iran.