US urges allies and China to join economic campaign to 'collapse' Iran

The United States is pressuring allies and China to join a new economic campaign designed to "collapse" the Iranian government, threatening consequences for non-compliance. U.S. Treasury Secretary Scott Bessent declared the initiative would be the "greatest coordinated economic isolation in history," urging nations to "get with the program."

Bessent told CNBC that the campaign "is going to work in Iran and we are going to collapse this regime." He framed it as an alternative to military action, suggesting that maximum economic pressure would likely prevent a large-scale kinetic restart. Further details on the economic measures are expected from Bessent on Monday.

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It is going to work in Iran and we are going to collapse this regime. This is going to be the greatest coordinated economic isolation in history. And we are going to them and saying 'you are either with us or against us'.

Iran has rejected the U.S. president's threats, with Foreign Minister Abbas Araghchi calling the plan "economic terrorism" and a diversion from America's own economic issues. The U.S. has been increasing economic pressure on Tehran as the war, initiated by the U.S. and Israel, approaches the six-month mark with no clear end in sight. The Strait of Hormuz remains partially shut, with Washington maintaining a naval counter-blockade.

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The so-called 'Economic D-Day' is a diversion from America's own crisis: unprecedented debt and surging interest costs.