West Asia LIVE: Trump vows 'tremendous' economic costs on Iran partners

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U.S. President Donald Trump said on Wednesday (August 19, 2026) he was launching a major new campaign to target Iran’s economy, threatening “tremendous” punishment on any country that helps or does business with the Islamic republic.

The intensified economic pressure campaign comes as the war nears its sixth month with no immediate diplomatic or military off-ramp in sight and the vital Strait of Hormuz still significantly choked-off. With November elections quickly approaching, Mr. Trump is also facing renewed domestic scrutiny over the war’s costs on U.S. consumers and toll on the military.

Also Read | Iran warns Gulf countries against helping U.S. after UAE cuts trade ties

“Today, I am announcing the MOST CRUSHING ECONOMIC OPERATION EVER TAKEN AGAINST ANY COUNTRY! This will be Economic Warfare and Isolation on an unprecedented scale,” Mr. Trump wrote on Truth Social.

The United Arab Emirates has said it is suspending all trade and financial dealings with Iran after reporting an Iranian missile attack directed at its ships. .

The announcement comes after a period of relative calm in the UAE, with no Iranian missiles aimed at the country since May after it bore the brunt of attacks in the early weeks of the West Asia war.

Abu Dhabi has however accused Tehran of repeatedly targeting its tankers at sea in recent weeks.

Turkey firmly rejected on Wednesday (August 19, 2026) what it called “untenable allegations” by Israel regarding its military position in Syria, after Israel bombed a Syrian air base near the Turkish border and said Syria ‌was on the verge of permitting Turkish troops to deploy there.

Israel carried out airstrikes against the Abu al-Duhur ⁠base near Aleppo on Tuesday (August 18, 2026), drawing condemnation from Turkey and criticism from a U.S. envoy who called the attack an “unnecessary escalation”.

U.S. President Donald Trump said on Wednesday (August 19, 2026) he was launching a major new campaign to target Iran’s economy, threatening “tremendous” punishment on any country that helps or does business with the Islamic republic.

The intensified economic pressure campaign comes as the war nears its sixth month with no immediate diplomatic or military off-ramp in sight.

Trump threatens severe economic penalties on any country aiding Iran in a new campaign amid ongoing conflict and political scrutiny.

Live news / West Asia / Israel-US strikes on Iran / Israel-Palestine Conflict / Israel / USA