U.S. President Donald Trump said on Wednesday (August 19, 2026) he was launching a major new campaign to target Iran’s economy, threatening “tremendous” punishment on any country that helps or does business with the Islamic republic.

Also Read | A Palestinian state is the foundation for regional peace

The intensified economic pressure campaign comes as the war nears its sixth month with no immediate diplomatic or military off-ramp in sight and the vital Strait of Hormuz still significantly choked-off. With November elections quickly approaching, Mr. Trump is also facing renewed domestic scrutiny over the war’s costs on U.S. consumers and toll on the military.

Also Read | Iran warns Gulf countries against helping U.S. after UAE cuts trade ties

“Today, I am announcing the MOST CRUSHING ECONOMIC OPERATION EVER TAKEN AGAINST ANY COUNTRY! This will be Economic Warfare and Isolation on an unprecedented scale,” Mr. Trump wrote on Truth Social.