As with its approach to Hormuz, the US has mistaken applying pressure for an actual strategy. But Tehran has chips of its own to play

Donald Trump has found a new way to promise victory over Iran. After months of war have failed to force Iran’s capitulation or collapse, his administration has unveiled what the US Treasury secretary, Scott Bessent, calls Operation Economic Outcast: an effort to cut it off from what remains of the global economy and threaten foreign governments, banks and companies with sanctions if they continue doing business with Tehran.

There is no question that Iran is vulnerable. Its economy has been battered by years of sanctions, war and a months-long US naval blockade. Iranian officials acknowledge that oil exports and access to foreign currency have been severely constrained. Ordinary Iranians are already enduring high inflation, currency depreciation and worsening living standards. Further economic strangulation will inflict significant additional hardship.

Sina Toossi is a senior non-resident fellow at the Center for International Policy, where his work focuses on US-Iran relations, US policy toward the Middle East and nuclear issues

President at rally in South Carolina makes comments on key strategic waterway and jokes about bombing Iran

Donald Trump called the strait of Hormuz “an American territory” on Friday, as the US continues its military blockade of Iran’s shipping and ports while Trump’s administration struggles to end its war with the country.

“We don’t even know if we won, because I view the strait of Hormuz as an American territory right now,” Trump said, addressing a crowd in South Carolina. He was campaigning for senator Darline Graham, who is running to permanently fill her late brother Lindsey Graham’s Senate seat.