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News Reporting· CBS News Published Aug 24, 2026

Bessent announces campaign to create "economic onslaught" against Iran and its partners

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Washington — Treasury Secretary Scott Bessent on Monday announced Operation Economic Outcast, the Trump administration's ramped-up push to use economic tools to reopen the Strait of Hormuz and end the war with Iran.

"Today, at President Trump's direction, the United States Treasury has begun Operation Economic Outcast, an unprecedented campaign against the Islamic Republic of Iran and its enablers," Bessent said. "In the Second World War, D-Day marked the historic beginning of a campaign with our allies to target and drive the enemy from its positions, including those in third countries.

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Quoted in This Article

“This was not economic D-Day,”

Brett Erickson