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20 Aug 2026, 16:48

Scott Basset, the U.S. Treasury Secretary, said on Thursday, August 20, that Washington's plan to significantly increase economic sanctions against Iran aims at the "overthrow" of the Islamic Republic's government.

In an interview with CNBC, Basset stated, "This plan will work in Iran, and we will overthrow this regime."

He added, "This will be the largest coordinated economic isolation in world history."

On August 14, the U.S. Treasury Secretary had also announced that the Trump administration intends to take actions against Iran that he described as "unprecedented in the history of a country's economic isolation." He said, "If we apply maximum economic pressure, it is likely that we will not see a resumption of a large-scale military operation; however, I emphasize that this situation pertains to now."

Scott Basset also announced that a press conference will be held next Monday to "specifically explain the actions we are going to take" regarding Iran.

Warning to U.S. Allies
The U.S. Treasury Secretary also warned Washington's allies following the announcement of President Donald Trump's new plan to intensify economic pressure on Iran, stating that they must choose between "aligning with the U.S. or standing against it" regarding Iran's economic isolation.

Regarding his message to U.S. allies, he said, "This will be the largest coordinated economic isolation in world history. We are telling them that they are either with us or against us." In response to a question about the possibility of Washington applying pressure on China, he said, "Many discussions are better held in private," but at the same time urged Beijing to "join this plan." He stated, "We are confident that everyone wants to reopen the Strait of Hormuz and reduce energy prices again."

Basset further noted China's dependence on Gulf oil, saying, "Keep in mind that 50% of China's energy comes from within the Gulf. Therefore, joining this plan could be a great service to themselves."

This statement from the U.S. Treasury Secretary comes just a day after the President of the United States announced that he has launched a new and large campaign to target Iran's economy. Donald Trump wrote on his social media platform, Truth Social, on Wednesday evening: "Today, I announce the most crushing economic operation ever conducted against a country! This will be an economic war and isolation on an unprecedented scale." He added, "I also announce that any country that allows its financial institutions, businesses, airports, or government entities to provide any form of relief to Iran will face very severe economic consequences."
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