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- Treasury Secretary Scott Bessent will hold a press conference on Monday to explain the U.S.’ new sanctions against Iran.
- Bessent told CNBC that the sanctions will be the “toughest” in history.
- An Iranian spokesman dismissed the potential threat on Sunday, stating that the sanctions are an “implicit admission of the enemy’s humiliating defeat,” according to state media.
watch nowVIDEO19:08Watch CNBC’s full interview with Treasury Secretary Scott BessentSquawk on the Street
Treasury Secretary Scott Bessent will hold a press conference Monday to announce sanctions against Iran that he has described as the greatest campaign of “coordinated economic isolation in the history of the world.”
“We are going to have the toughest sanctions in history, and I will tell you, this will work,” Bessent told CNBC’s “Squawk on the Street” on Thursday. “It worked in Venezuela once we put up the blockade. It is working in Cuba right now, and it is going to work in Iran, and we are going to collapse this 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 the threat, 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.
Bessent told CNBC on Thursday that the U.S. will demand its allies and the rest of the world stop doing business with Iran. The U.S. will use its “full might” against anyone who does not comply, he said.
“We are going to them and saying you are either with us or against us,” Bessent said. “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, which that will curtail their ability to project power through their proxies.”
WATCH: Watch CNBC’s full interview with Treasury Secretary Scott Bessent
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