Trump launches sweeping economic campaign against Iran

TEHRAN, Iran — U.S. President Donald Trump said he has launched what he described as the toughest economic campaign in history against Iran, accusing Tehran of failing to take up a nuclear deal offer. In a post on Truth Social, Trump said Iran's navy had "disappeared," its air force had been "wiped out," and its currency had been rendered worthless. The U.S. president said countries that provide financial or commercial support to Iran will face "very large economic consequences." He called for cutting off oil smuggling, swap lines, cash transfers and companies that back Iran. The new measures follow the expiration on August 17 of a 60-day negotiation window, according to the post. Fighting between the two sides had paused after a ceasefire memorandum brokered by Pakistan in mid-June, following U.S. and Israeli strikes on Iran in February. Between July 8 and 23, the U.S. Army carried out new strikes on Iran in response to Iranian attacks on commercial ships in the Strait of Hormuz, and Iran struck U.S. bases. No further details were immediately available on the scope of the announced economic measures.