US Treasury Secretary Scott Bessent is set to announce what the White House is calling an unprecedented package of sanctions designed to economically isolate Iran, as the Iranian rial plunges to a record low and inflation nears ninety per cent.
The new measures are expected to go beyond targeting individual businesses that trade with Tehran, instead putting pressure on the governments of countries that help sustain Iran's cash flow — a move that could affect major trading partners including China, Turkey and India.
The announcement marks a shift in Washington's strategy, pivoting from military strike threats towards what it hopes will be a more effective economic campaign to end the near six-month war.
Kate Fisher reports from Washington.
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Kate Fisher in Washington says US President Donald Trump and Treasury Secretary Bessent have both signalled the scale of the economic campaign they intend to wage against Tehran.
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