Trump and Bessent: Iran's Economic Strangulation Will Continue
As evidenced by these recent interviews, it appears that Trump and Bessent (who has been moved to a military base after IRGC threats against his life) are under no pressure to release the economic chokehold on IRGC. Bessent says "This is the absolute End of the Road for Iranians. This is what I told IRGC, who is trying to kill me now, you can no longer go anywhere now outside Iran."
Donald Trump sat down with CBS News 60 Minutes to discuss Republican losses in the midterm elections and thew future of the wars in Iran and Ukraine:
Highlights of his comments:
Trump explains he sees no reason to expand the conflict because he considers the war already won (8:25). He notes that Iran's nuclear material is buried under thousands of tons of rock and is closely monitored via Space Force satellites (9:57) While he believes the Democratic victories in the midterms gave Iran a temporary "hope certificate," he maintains they will eventually get over it and sign a deal anyway (8:41). When asked how a deal would allow the U.S. to withdraw its large military presence from the Strait of Hormuz, Trump suggests there is no rush because keeping forces there is "not very expensive" (10:44). He states that the U.S. currently controls the strait, allowing more oil to flow through than at the start of the war, and insists that the regional countries protected by the U.S. will reimburse 100% of the war's costs (11:05).
In an interview with The Heritage Foundation at The Forum 2026, U.S. Treasury Secretary Scott Bessent outlines an aggressive U.S. campaign of economic strangulation and military blockade against Iran, known as "Operation Economic Outcast," designed to isolate the regime and force them to make a deal (22:04): Other claims by Bessent:
- The Iranian currency plummeted from 600,000 to 3 million against the dollar following a maximum pressure campaign launched in March 2025 (22:16). Iran is experiencing 200% inflation and has made it illegal to print prices (22:55).
- Banking Sanctions: The Treasury Department cut off major foreign financial institutions that were funding Iran from the U.S. dollar system, including the largest Egyptian bank in Dubai, the 30th largest bank in Turkey, and the international branches of Russia's largest bank (25:20).
- Travel and Airline Shutdowns: Using new authorities, the U.S. shut down airlines flying in and out of Iran (26:00). Bessent taunts the Islamic Revolutionary Guard Corps (IRGC), stating they can no longer travel to London, Paris, or Geneva to visit family, girlfriends or access their money (26:06).
- Bessent states that six weeks of intense U.S. bombing destroyed Iran's navy, air force, a substantial part of its missile capabilities, and 85% to 90% of its ability to rebuild them (23:31). The U.S. Navy enforces what President Trump calls a "wall of steel" or "iron blockade" (23:50). Bessent notes that U.S. forces disable the engine rooms of any ships attempting to sneak through (24:20).
- As a result of the blockade, Iran has "no oil on the water" for the first time since it began producing oil (23:50). Because Iran relies on imported gasoline, citizens face three-to-four-hour gas lines, and the government cannot pay its police (24:46).
- Bessent believes this extreme economic and military squeeze will force the Iranian regime to the negotiating table (25:06). He also predicts that once the U.S. gets to the other side of the Iran conflict, domestic prices will come back down (33:42).
- Earlier in the conversation, Bessent warns against Chinese AI models lacking safety guardrails, noting that "the Iranians using a Chinese model" represents a worst-case scenario (21:01).
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