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

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