Iran's currency hit a record low Monday as the U.S. prepares to unleash what the Trump administration is calling "economic D-Day" against the country. The Iranian rial dropped to 2 million to the U.S. dollar.
Later Monday, U.S. Treasury Secretary Scott Bessent is expected to announce new sanctions against Iran, including penalties targeting countries that continue doing business with Tehran.
Sanctions against Iran are nothing new, but many will be watching how severe the latest measures are and whether they include actions against China.
Many foreign policy experts and economists say it could be difficult to further squeeze Iran's economy without potentially frustrating China, which purchases a significant amount of Iranian energy.
Bessent wrote on social media Sunday night that the measures would amount to the "greatest financial offensive ever marshaled against an adversary."
"Our objective is to sever every economic lifeline that sustains the tyrannical regime until Tehran stands alone," he added.
Ahead of Monday's announcement, Iran has already warned it could view the actions as an act of war. How Tehran responds remains an open question.
