US’s Big Economic Action Against Iran, Announces Tough Sanctions

Tension between Iran and the United States continues, with no deal reached between the two countries so far. The two nations also remain at odds over the Strait of Hormuz. Amid this, US President Donald Trump has decided to take the biggest economic action yet against Iran.

Toughest Sanctions Announced

Trump has announced tough economic sanctions against Iran. He said the sanctions being imposed on Iran would be the largest economic action ever taken against any country. Trump also warned countries helping Iran that they would face consequences, saying any nation providing economic assistance to Iran would suffer major economic losses. This includes financial institutions, businesses, airports and government entities. Trump said oil smuggling, swap lines, cash transactions, exchange houses, ship registrations and shell companies aiding Iran would be shut down immediately.

Trump also appealed to America's allies to join efforts to reduce the threat from Iran. He said Iran had been given the biggest opportunity to reach an agreement with the US but had squandered it. He claimed the Iranian currency had become worthless and that the country was in an extremely weak position.

China Refuses to Accept US Sanctions

Responding to Trump's announcement, China's foreign ministry said sanctions and pressure would not resolve the issue. China called on all parties concerned to act responsibly and urged that the matter be resolved through political and diplomatic means. China also declared that it does not accept the US sanctions on Iran. Notably, China is the largest buyer of Iranian oil.