TIME magazine is reporting that the war in Iran has continued for six months, manifesting through dropped bombs, disrupted trade routes and strong rhetoric. It said President Donald Trump has threatened a "crushing economic operation" against Tehran, describing it as "economic warfare and isolation on an unprecedented scale." Treasury Secretary Scott Bessent outlined a new U.S. strategy to impose sanctions on countries and financial institutions that conduct business with Iran or help it evade existing measures. These proposed sanctions extend beyond oil exports to target digital assets, gold and aviation sectors, aiming to "collapse every last option for Iran."
Iran's Foreign Minister Abbas Araghchi dismissed the threats, stating it is "the same movie they keep playing over and over again." TIME's Weekend Essay by Hamidreza Azizi suggests that Washington's "economic D-day" might unintentionally prompt Tehran to escalate, given the long history of U.S. sanctions and a "desensitizing sense of déjà vu." China, which purchases approximately 80% of Iran's seaborne crude oil, has already indicated it will "take all necessary measures" to protect its interests if targeted by U.S. sanctions.
The magazine noted that Iran is already under severe economic strain, with a U.S. naval blockade restricting oil exports. Ordinary Iranians face eroding purchasing power, with food inflation reaching 128% year-on-year in July and the dollar value of the minimum wage falling. The Iranian currency also hit a record low of 2.02 million rials to the dollar on Monday. TIME also reported on a potential surge in foodborne illnesses across the United States this summer, including outbreaks of E. coli, Salmonella and Cyclospora, and is examining data on the safety of the nation's food supply.