WASHINGTON: Trump’s economic pressure intensified Monday as his administration announced a new financial campaign against Iran while the US president escalated rhetoric toward Canada after trade talks collapsed.
US Treasury Secretary Scott Bessent said Washington would launch an “economic onslaught” against Iran’s international financial connections. The move comes as the US seeks greater leverage after months of conflict with Tehran.
Bessent said sanctions could target financial channels that facilitate Iran’s international trade. However, he indicated that Washington was not immediately imposing secondary sanctions on every foreign entity dealing with Tehran.
Former Treasury official Max Meizlish told CNN that broader sanctions would depend on cooperation from US partners.
Former International Monetary Fund chief economist Kenneth Rogoff also said sanctions work best when most major economies participate.
Read: Iran Sanctions: Tehran Says New US Economic Push Will Fail
Meanwhile, President Donald Trump increased pressure on Canada after Prime Minister Mark Carney halted trade negotiations with Washington.
Trump wrote on social media that the United States was “far bigger, richer, and stronger than Canada” and said Canadian officials should “fall in line.”
Carney had earlier accused Washington of using economic integration as a weapon. He also said Canada would not allow another country to dictate its future.
Ottawa said the disputes included US demands that affect bilingual product requirements and Canada’s ability to pursue trade agreements with third countries.
Read: Ghalibaf Mocks Trump With ‘Make America Hungry Again’ Post
Vice President JD Vance added to tensions Monday with a remark referring to Canada as a “state,” before calling it a slip. Ontario Premier Doug Ford responded with a personal rebuke of Trump during a news conference.
A prolonged tariff dispute could damage industries on both sides of the US-Canada border, particularly the closely integrated auto sector.