President Donald Trump is threatening a sweeping new economic campaign against Iran as the nearly six-month war continues without an agreement to reopen the Strait of Hormuz or establish a permanent ceasefire.

Trump said Wednesday that the United States would launch what he called an “ECONOMIC D-DAY” against Iran and warned that countries, banks and businesses providing economic support to Tehran could also face U.S. penalties.

The president did not detail what additional measures the administration intends to impose beyond the extensive sanctions already in place. He said the effort would target areas including oil smuggling, financial transfers, exchange houses, ship registries and front companies.

China remains Iran’s largest trading partner, while Tehran also maintains economic ties with several Middle Eastern countries. The United Arab Emirates said Tuesday it had suspended financial and economic transactions with Iran, potentially restricting one of Tehran’s key channels for trade and access to the global financial system.

Treasury Secretary Scott Bessent has also signaled that additional measures are coming, describing them as an unprecedented attempt to economically isolate Iran and force it back to negotiations.

Trump’s warning follows the expiration Monday of a 60-day window established under a June memorandum of understanding between Washington and Tehran. The deadline passed without a deal on ending the war or fully reopening the Strait of Hormuz, the waterway through which roughly 20% of the world’s oil supplies pass.

The administration has sent conflicting signals about whether negotiations continue. Senior adviser Jared Kushner said this week that backchannel talks remained active, while Iranian officials denied communications and Trump said no discussions were underway.

The White House continues to demand an end to Iran’s nuclear program as a condition for a permanent ceasefire, a requirement Tehran has so far rejected.

Source: WSJ