Treasury Secretary Scott Bessent joins Brian Kilmeade to discuss President Donald Trump’s economic crackdown on Iran, growing pressure on the Iranian regime, trade tensions with Canada and Mexico, and the outlook for the U.S. economy.
Treasury Secretary Scott Bessent said the Trump administration is escalating its financial pressure on Iran, targeting foreign banking channels and isolating the country’s economy as Washington considers next steps against Tehran.
“I think the Iranians are panicked. I think the economy is collapsing,” Bessent said.
During an appearance on the “Brian Kilmeade Show,” Trump’s Treasury chief discussed the administration’s economic campaign against Iran and the constant pressure it puts on the regime.
Treasury Secretary Scott Bessent said U.S. sanctions and sweeping financial restrictions are increasing economic pressure on Iran. (Chip Somodevilla/Getty Images)
Bessent described an eight-week Treasury effort called Operation Economic Outcast, which he said relies on a blockade and aims to cut financial and trade connections that have allowed Iran to operate despite U.S. sanctions. He estimates that Iran’s gross domestic product could fall by 20 to 25 percent.
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“We added a lot of new authorities, including stopping air travel, which I think has had a real effect, especially on the elites and the regime,” Bessent said.
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The Treasury Secretary also discussed measures against banking operations linked to Egypt, Turkey and Russia. It said branches of an Egyptian bank in Dubai processed more than $1.8 billion in transactions potentially linked to Iranian financial networks.
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“We have eliminated and we have set an example for enough people and if necessary we will continue to do so. But we are getting good cooperation and the regime is desperate,” Bessent said.
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Bessent said economic tensions are affecting ordinary Iranians as well as the security apparatus, saying some military personnel are not paid and some police officers are not showing up for work.
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Bessent concluded by saying Trump still has options as the administration considers its next moves against Iran.
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