Trump Announces 'Most Crushing' Economic Operation Against Iran, Threatens Third-Country Penalties

On August 19, President Trump announced what he called the "most crushing economic operation" against Iran, threatening "TREMENDOUS Economic Consequences" for any country doing business with Tehran. No tariff rates, timelines, or instruments were specified. A February 2026 executive order already established a tariff process. Oil settled at a three-week high on August 18 after Iran signaled a more offensive posture.