Sanctions were once Washington’s economic weapon of last resort. Under Donald Trump, they are becoming a recurring instrument of pressure, against adversaries, trading partners and countries accused of helping them. The latest test is Iran, where Washington is betting that unprecedented economic pressure can succeed where military and diplomatic pressure have struggled. Treasury Secretary Scott Bessent says the United States is preparing measures unlike anything imposed before, while Defence Secretary Pete Hegseth says the naval blockade can be sustained indefinitely.&nbsp;The objective is simple: squeeze Iran until the cost of defiance becomes unbearable. But there is a fundamental weakness in the strategy: economic pain does not automatically produce political surrender. Iran has endured years of sanctions and is now adapting again, even as the pressure damages its economy. Trump’s broader approach increasingly places tariffs and sanctions in the same coercive toolbox: raise the cost of access to American markets, finance and trade, then use that pain to force concessions. But that strategy carries a paradox. The more Washington weaponises economic power, the greater the incentive for others to build alternatives.&nbsp;India is expanding trade relationships and seeking greater resilience in payments and supply chains. Europe, meanwhile, is increasingly looking at ways to reduce its vulnerability to American economic pressure. The point is not that these countries can simply replace the United States. They cannot. The point is that dependence creates leverage, and repeated coercion creates an incentive to reduce that dependence.&nbsp;<a href="https://www.wionews.com/videos/us-iran-war-is-trump-weakening-america-s-most-powerful-economic-weapon-1786727736520/embed">https://www.wionews.com/videos/us-iran-war-is-trump-weakening-america-s-most-powerful-economic-weapon-1786727736520/embed</a>&nbsp;That is where the credibility of sanctions becomes critical. Sanctions work best when governments believe the rules are predictable, the coalition imposing them is durable and the cost of defiance outweighs the cost of compliance. If tariffs and sanctions are deployed too frequently, their shock can diminish, and countries have more reason to find workarounds. There is another problem: America itself pays a price. The Iran conflict has disrupted energy markets and pushed fuel costs higher, creating domestic pressure on Trump to deliver a result Americans can see as a win.&nbsp;So, will sanctions bring relief to the United States? They can hurt adversaries. They can restrict trade, raise costs and squeeze governments. But if they fail to change behaviour while encouraging the world to diversify away from American economic power, Washington may win the battle and weaken its leverage for the next one.&nbsp;The real question is not whether America can impose sanctions. It is whether America can keep weaponising economic power without making the world less dependent on America. Because when a weapon is used too often, the target eventually learns how to dodge the blow. That is the verdict.

Trump’s sanctions strategy against Iran could deliver economic pressure, but repeated coercion may weaken US leverage and accelerate global diversification

Sanctions were once Washington’s economic weapon of last resort. Under Donald Trump, they are becoming a recurring instrument of pressure, against adversaries, trading partners and countries accused of helping them. The latest test is Iran, where Washington is betting that unprecedented economic pressure can succeed where military and diplomatic pressure have struggled. Treasury Secretary Scott Bessent says the United States is preparing measures unlike anything imposed before, while Defence Secretary Pete Hegseth says the naval blockade can be sustained indefinitely. The objective is simple: squeeze Iran until the cost of defiance becomes unbearable. But there is a fundamental weakness in the strategy: economic pain does not automatically produce political surrender. Iran has endured years of sanctions and is now adapting again, even as the pressure damages its economy. Trump’s broader approach increasingly places tariffs and sanctions in the same coercive toolbox: raise the cost of access to American markets, finance and trade, then use that pain to force concessions. But that strategy carries a paradox. The more Washington weaponises economic power, the greater the incentive for others to build alternatives. India is expanding trade relationships and seeking greater resilience in payments and supply chains. Europe, meanwhile, is increasingly looking at ways to reduce its vulnerability to American economic pressure. The point is not that these countries can simply replace the United States. They cannot. The point is that dependence creates leverage, and repeated coercion creates an incentive to reduce that dependence. https://www.wionews.com/videos/us-iran-war-is-trump-weakening-america-s-most-powerful-economic-weapon-1786727736520/embed That is where the credibility of sanctions becomes critical. Sanctions work best when governments believe the rules are predictable, the coalition imposing them is durable and the cost of defiance outweighs the cost of compliance. If tariffs and sanctions are deployed too frequently, their shock can diminish, and countries have more reason to find workarounds. There is another problem: America itself pays a price. The Iran conflict has disrupted energy markets and pushed fuel costs higher, creating domestic pressure on Trump to deliver a result Americans can see as a win. So, will sanctions bring relief to the United States? They can hurt adversaries. They can restrict trade, raise costs and squeeze governments. But if they fail to change behaviour while encouraging the world to diversify away from American economic power, Washington may win the battle and weaken its leverage for the next one. The real question is not whether America can impose sanctions. It is whether America can keep weaponising economic power without making the world less dependent on America. Because when a weapon is used too often, the target eventually learns how to dodge the blow. That is the verdict.

Trump’s expanding sanctions strategy may pressure Iran, but repeated economic coercion could weaken US leverage by pushing countries toward alternatives

The Verdict: America's sanctions are losing their bite

US Treasury Secretary Scott Bessent, responding to the concerns about Trump's over $1bn crypto asset, said that he did not consider it to be a problem. In a financial disclosure released earlier this week, US President Donald Trump has earned approximately $1.4 billion from his crypto ventures since the beginning of his second term in January 2025. These include memecoin, $TRUMP and earnings from World Liberty Financial a cryptocurrency firm backed by US President Trump and his family."I don't think there's an appearance problem," said Bessent to CBS News. "This is an innovation presidency," he added. "So whether it's digital access, whether it's AI, whether it's everything that is going on in the tech ecosystem that, you know, all Americans are benefiting from that."White House Spokesperson Anna Kelly told CBS News on Tuesday that “there are no conflicts of interest”.Also Read: <a href="https://www.wionews.com/world/american-independence-day-2025-wishes-status-quotes-and-images-1751517784088">Happy American Independence Day 2025: Best wishes, status, quotes and images to share online</a><h2>Bessent said public stocks on Trump accounts&nbsp;</h2>Discussing tax-deferred Trump accounts, Bessent said that people will be able to contribute to public stocks into the account. Bessent claimed that it is a tool to create “financial literacy”."Thirty-eight per cent of American households have no investment in our great equity markets, and we want everyone to share, you know, in the bounty that is the US," said Bessent.&nbsp;This is a federal program launched earlier and will be effective on July 4. It allows children under 18 to invest money in the stock market and build savings. He said they had already opened over 6 million accounts and that there are about 70 million eligible children in the United States. Any child born between January 1, 2025, and December 31, 2028, will get a $1000 seed investment, and while private philanthropist and shareholders can donate their stocks to the Trump accounts of single children or donate to a designated group/pool of eligible children, such as low-income youth or specific communities and then these again will be invested into the stock market.&nbsp;"In our innovation and our capital markets, and, you know, the economic engine, the greatest in the history of the world. So, you know, over time, I would think that that 38% number would move toward zero. And then the other thing, too, is financial literacy," said BessentHowever, critics warn that it has a massive loophole which allows wealthy investors to donate stocks to reduce exposure to federal estate tax and capital gains tax, fundamentally recycling the profit without paying taxes.

US Treasury Secretary Scott Bessent defended Donald Trump's $1.4 billion crypto earnings, rejected conflict concerns and promoted new Trump Accounts despite criticism.

US Treasury Secretary Scott Bessent, responding to the concerns about Trump's over $1bn crypto asset, said that he did not consider it to be a problem. In a financial disclosure released earlier this week, US President Donald Trump has earned approximately $1.4 billion from his crypto ventures since the beginning of his second term in January 2025. These include memecoin, $TRUMP and earnings from World Liberty Financial a cryptocurrency firm backed by US President Trump and his family. "I don't think there's an appearance problem," said Bessent to CBS News. "This is an innovation presidency," he added. "So whether it's digital access, whether it's AI, whether it's everything that is going on in the tech ecosystem that, you know, all Americans are benefiting from that." White House Spokesperson Anna Kelly told CBS News on Tuesday that “there are no conflicts of interest”. Also Read: Happy American Independence Day 2025: Best wishes, status, quotes and images to share online Bessent said public stocks on Trump accounts Discussing tax-deferred Trump accounts, Bessent said that people will be able to contribute to public stocks into the account. Bessent claimed that it is a tool to create “financial literacy”. "Thirty-eight per cent of American households have no investment in our great equity markets, and we want everyone to share, you know, in the bounty that is the US," said Bessent. This is a federal program launched earlier and will be effective on July 4. It allows children under 18 to invest money in the stock market and build savings. He said they had already opened over 6 million accounts and that there are about 70 million eligible children in the United States. Any child born between January 1, 2025, and December 31, 2028, will get a $1000 seed investment, and while private philanthropist and shareholders can donate their stocks to the Trump accounts of single children or donate to a designated group/pool of eligible children, such as low-income youth or specific communities and then these again will be invested into the stock market. "In our innovation and our capital markets, and, you know, the economic engine, the greatest in the history of the world. So, you know, over time, I would think that that 38% number would move toward zero. And then the other thing, too, is financial literacy," said Bessent However, critics warn that it has a massive loophole which allows wealthy investors to donate stocks to reduce exposure to federal estate tax and capital gains tax, fundamentally recycling the profit without paying taxes.

US Treasury Secretary Scott Bessent defended Donald Trump's $1.4 billion crypto earnings, rejected conflict concerns and promoted new Trump Accounts despite criticism.

Bessent defends Trump's $1.4 billion crypto earnings, rejects conflict claims

US Treasury Secretary Scott Bessent warned on Thursday that Iran could be forced to pay for the damages caused to Gulf allies in its attacks, and for that the frozen Iranian assets may become part of Washington’s strategy to punish the Iranian regime. The United States is increasing its financial pressure on Tehran as the conflict seems to be entering a dangerous new phase.&nbsp;The new move to pressure Iran comes at a time when diplomacy and escalation are moving side by side. President Donald Trump threatened very hard strikes on Iran on Thursday and warned that the US will takeover Tehran’s oil market like it did with Venezuela.&nbsp;Also Read: <a href="https://www.wionews.com/world/trump-nominates-former-sec-chairman-jay-clayton-to-replace-tulsi-gabbard-as-next-director-of-national-intelligence-1781201971661">Trump nominates former SEC Chairman Jay Clayton to replace Tulsi Gabbard as next director of national intelligence</a>&nbsp;Bessent said in a post on X that Iran would ultimately bear the cost of any attacks carried out against countries aligned with Washington in the Gulf.&nbsp;“The Iranian regime will lose the zero-sum game it is playing. Any damage it inflicts on our allies in the Gulf will be paid for with funds extracted from Iranian Accounts,” Bessent wrote.“Any tolls paid to the Persian Gulf Strait Authority will be offset by funds extracted from their accounts. Every attack Iran launches will only deepen the economic and financial consequences it faces,” he added.&nbsp;Also Read: <a href="https://www.wionews.com/world/16-killed-over-30-injured-as-pakistani-forces-open-fire-on-protesters-in-pakistan-occupied-kashmir-1781193970614">16 killed, over 30 injured as Pakistani forces open fire on protesters in Pakistan-occupied Kashmir</a><h2>Iran rejects idea of its frozen assets being used for compensation</h2>&nbsp;Iranian officials rejected the idea that their frozen assets could be used to fund reconstruction projects or compensation payments elsewhere in the region.&nbsp;Deputy Foreign Minister Kazem Gharibabadi said regional governments had no right to demand reparations from Tehran. “Iran’s assets were neither war spoils for Washington nor a payment fund for its allies,” he said in a post on X.&nbsp;Also Read: <a href="https://www.wionews.com/world/will-hit-iran-very-hard-tonight-warns-trump-says-us-will-take-over-kharg-island-oil-exports-like-venezuela-1781182164117">‘Will hit Iran very hard tonight,’ warns Trump, says US will take over Kharg Island, oil exports like Venezuela</a>&nbsp;Gharibabadi warned that any seizure, transfer or allocation of Iranian assets without Tehran’s approval would constitute a new internationally wrongful act and would trigger an “appropriate response” from Iran.&nbsp;As the war drags on, billions of dollars in frozen Iranian assets are appearing as the currency of peace between the US and Iran.

Iranian officials rejected the idea that their frozen assets could be used to fund reconstruction projects or compensation payments elsewhere in the region. Deputy Foreign Minister Kazem Gharibabadi said regional governments had no right to demand reparations from Tehran.

US Treasury Secretary Scott Bessent warned on Thursday that Iran could be forced to pay for the damages caused to Gulf allies in its attacks, and for that the frozen Iranian assets may become part of Washington’s strategy to punish the Iranian regime. The United States is increasing its financial pressure on Tehran as the conflict seems to be entering a dangerous new phase. The new move to pressure Iran comes at a time when diplomacy and escalation are moving side by side. President Donald Trump threatened very hard strikes on Iran on Thursday and warned that the US will takeover Tehran’s oil market like it did with Venezuela. Also Read: Trump nominates former SEC Chairman Jay Clayton to replace Tulsi Gabbard as next director of national intelligence Bessent said in a post on X that Iran would ultimately bear the cost of any attacks carried out against countries aligned with Washington in the Gulf. “The Iranian regime will lose the zero-sum game it is playing. Any damage it inflicts on our allies in the Gulf will be paid for with funds extracted from Iranian Accounts,” Bessent wrote. “Any tolls paid to the Persian Gulf Strait Authority will be offset by funds extracted from their accounts. Every attack Iran launches will only deepen the economic and financial consequences it faces,” he added. Also Read: 16 killed, over 30 injured as Pakistani forces open fire on protesters in Pakistan-occupied Kashmir Iran rejects idea of its frozen assets being used for compensation Iranian officials rejected the idea that their frozen assets could be used to fund reconstruction projects or compensation payments elsewhere in the region. Deputy Foreign Minister Kazem Gharibabadi said regional governments had no right to demand reparations from Tehran. “Iran’s assets were neither war spoils for Washington nor a payment fund for its allies,” he said in a post on X. Also Read: ‘Will hit Iran very hard tonight,’ warns Trump, says US will take over Kharg Island, oil exports like Venezuela Gharibabadi warned that any seizure, transfer or allocation of Iranian assets without Tehran’s approval would constitute a new internationally wrongful act and would trigger an “appropriate response” from Iran. As the war drags on, billions of dollars in frozen Iranian assets are appearing as the currency of peace between the US and Iran.

Iranian officials rejected the idea that their frozen assets could be used to fund reconstruction projects or compensation payments elsewhere in the region. Deputy Foreign Minister Kazem Gharibabadi said regional governments had no right to demand reparations from Tehran.

‘US will use Iran’s frozen funds to pay for damages inflicted on Gulf allies’: Scott Bessent

US Treasury Secretary Scott Bessent said on Wednesday that China has shown a strong interest in purchasing additional Boeing planes, adding that the Trump administration intends to raise the matter during Chinese President Xi Jinping's expected visit to the United States in September. “They agreed to 200 aeroplanes during the visit. We will see if they commit to a larger number when Xi Jinping arrives in Washington,” Bessent stated in his budget request testimony to the Senate Finance Committee. China’s agreement to acquire 200 Boeing planes was among the major outcomes of US President Donald Trump's visit to Beijing last month. The White House described the deal as an “initial purchase," suggesting the possibility of further orders in the future. According to Saurabh Gupta, Resident Senior Fellow at the Institute for China-America Studies, the Boeing deal was closely linked to the continued supply of engines and components required for China’s domestically developed C919 passenger aircraft programme. “Once there is sufficient trust in the assurance of flow, the number of Boeing jet purchases could reach up to an additional 500-550 more,” he predicted. Bessent’s statement followed a day after the US Trade Representative’s office declared a public comment process related to the newly created US-China Board of Trade, a method to manage bilateral trade between the two biggest economies of the world.&nbsp;Also read: <a href="https://www.wionews.com/world/patients-at-risk-pakistan-s-public-healthcare-under-pressure-as-hospitals-face-rs-2-2-billion-debt-crisis-1780574315869">Patients at risk? Pakistan's public healthcare under pressure as hospitals face Rs 2.2 billion debt crisis</a><h3>Investors' disappointment over deal</h3>Meanwhile, days ago, investors had expressed disappointment over the size of the Boeing deal, considering it as smaller than a nearly 500-plane package, according to Reuters. But at a US conference, the planemaker's CEO, Kelly Ortberg, stated that his trip to China alongside Trump ​had been "super successful" and reopened the market to the narrowbody planes of Boeing. This marks the first time in nearly ⁠a decade since an effective order freeze due to trade tensions between Washington and Beijing. "It's a good start. And I'm very confident ​that keeping that market open, that's an initial tranche of aircraft, and there will be more to come," Ortberg said. According to a source familiar with the matter, the commitment to purchase 200 aircraft represents a completely new agreement and does not include any previously undisclosed orders. The source also noted that delivery timelines for the jets have not yet been finalised.

China's decision to purchase 200 Boeing aircraft emerged as one of the key outcomes of US President Donald Trump's visit to Beijing last month. The White House termed the agreement an “initial purchase,” indicating that additional orders could follow in the future.

US Treasury Secretary Scott Bessent said on Wednesday that China has shown a strong interest in purchasing additional Boeing planes, adding that the Trump administration intends to raise the matter during Chinese President Xi Jinping's expected visit to the United States in September. “They agreed to 200 aeroplanes during the visit. We will see if they commit to a larger number when Xi Jinping arrives in Washington,” Bessent stated in his budget request testimony to the Senate Finance Committee. China’s agreement to acquire 200 Boeing planes was among the major outcomes of US President Donald Trump's visit to Beijing last month. The White House described the deal as an “initial purchase," suggesting the possibility of further orders in the future. According to Saurabh Gupta, Resident Senior Fellow at the Institute for China-America Studies, the Boeing deal was closely linked to the continued supply of engines and components required for China’s domestically developed C919 passenger aircraft programme. “Once there is sufficient trust in the assurance of flow, the number of Boeing jet purchases could reach up to an additional 500-550 more,” he predicted. Bessent’s statement followed a day after the US Trade Representative’s office declared a public comment process related to the newly created US-China Board of Trade, a method to manage bilateral trade between the two biggest economies of the world. Also read: Patients at risk? Pakistan's public healthcare under pressure as hospitals face Rs 2.2 billion debt crisis Investors' disappointment over deal Meanwhile, days ago, investors had expressed disappointment over the size of the Boeing deal, considering it as smaller than a nearly 500-plane package, according to Reuters. But at a US conference, the planemaker's CEO, Kelly Ortberg, stated that his trip to China alongside Trump had been "super successful" and reopened the market to the narrowbody planes of Boeing. This marks the first time in nearly ⁠a decade since an effective order freeze due to trade tensions between Washington and Beijing. "It's a good start. And I'm very confident that keeping that market open, that's an initial tranche of aircraft, and there will be more to come," Ortberg said. According to a source familiar with the matter, the commitment to purchase 200 aircraft represents a completely new agreement and does not include any previously undisclosed orders. The source also noted that delivery timelines for the jets have not yet been finalised.

China's decision to purchase 200 Boeing aircraft emerged as one of the key outcomes of US President Donald Trump's visit to Beijing last month. The White House termed the agreement an “initial purchase,” indicating that additional orders could follow in the future.

After 200-plane deal, China eyeing more Boeing jets from US ahead of Xi Jinping's Washington visit

US Treasury Secretary Scott Bessent said that the US has "outright grabbed the wallets" worth $1billion in Iranian cryptocurrency assets as part of Washington's economic pressure campaign against Tehran. While speaking on Fox Business' "Kudlow" during the Regan National Economic Forum, Bessent said that US sanctions and seizure efforts under the “Operation Economic Fury” have pushed Iran into a financial crisis."I think between five and a half-six weeks of an incredibly successful military campaign and then Operation Economic Fury, where we have really cut them off…they are at the end of their tether now financially,"The figure represents the total seized amount, not a single new activity. This includes a $344 million freeze of Tether (USDT) on the Tron blockchain in late April 2026, followed by a total of nearly $500 million reported later that month. "We have seized about a billion dollars of their crypto," he told FOX Business. "Just outright grabbed the wallets. Some of them may be typing in right now and might not realise their wallet had been grabbed."&nbsp;Also Read: <a href="https://www.wionews.com/world/us-sanctions-iran-drone-missile-network-china-uae-belarus-1778309174036">US sanctions 10 individuals, companies across 5 countries over Iran missile and drone program</a><h3>Operation Economic Fury&nbsp;</h3>The effort was launched in March 2025 and has crippled Tehran's financial lifelines by seizing Iranian assets, bank accounts and pressuring foreign governments to cut ties with the nation. "We are working with our allies all over Europe to grab villas and houses and properties," Bessent claimed. "And this is money that's stolen from the Iranian people." Iran has historically utilised stablecoins to move hundreds of millions of dollars per month to evade traditional oil and military sanctions.&nbsp;"We did not have regime change, but we changed the regime," Bessent said. "The first level leaders were decapitated, the second level decapitated. So, we're dealing with the third level." He elaborated that there are two sets of authorities: on one side, the clerical hierarchy, and on the other, the IRGC. He further added that Iran has isolated itself by targeting the GCC states, which were supposedly more open now to disclosing financial ties linked to Iranian oil.&nbsp;

US Treasury Secretary Scott Bessent says Washington has seized nearly $1 billion in Iranian cryptocurrency assets under Operation Economic Fury, intensifying economic pressure on Tehran.

US Treasury Secretary Scott Bessent said that the US has "outright grabbed the wallets" worth $1billion in Iranian cryptocurrency assets as part of Washington's economic pressure campaign against Tehran. While speaking on Fox Business' "Kudlow" during the Regan National Economic Forum, Bessent said that US sanctions and seizure efforts under the “Operation Economic Fury” have pushed Iran into a financial crisis. "I think between five and a half-six weeks of an incredibly successful military campaign and then Operation Economic Fury, where we have really cut them off…they are at the end of their tether now financially," The figure represents the total seized amount, not a single new activity. This includes a $344 million freeze of Tether (USDT) on the Tron blockchain in late April 2026, followed by a total of nearly $500 million reported later that month. "We have seized about a billion dollars of their crypto," he told FOX Business. "Just outright grabbed the wallets. Some of them may be typing in right now and might not realise their wallet had been grabbed." Also Read: US sanctions 10 individuals, companies across 5 countries over Iran missile and drone program Operation Economic Fury The effort was launched in March 2025 and has crippled Tehran's financial lifelines by seizing Iranian assets, bank accounts and pressuring foreign governments to cut ties with the nation. "We are working with our allies all over Europe to grab villas and houses and properties," Bessent claimed. "And this is money that's stolen from the Iranian people." Iran has historically utilised stablecoins to move hundreds of millions of dollars per month to evade traditional oil and military sanctions. "We did not have regime change, but we changed the regime," Bessent said. "The first level leaders were decapitated, the second level decapitated. So, we're dealing with the third level." He elaborated that there are two sets of authorities: on one side, the clerical hierarchy, and on the other, the IRGC. He further added that Iran has isolated itself by targeting the GCC states, which were supposedly more open now to disclosing financial ties linked to Iranian oil.

US Treasury Secretary Scott Bessent says Washington has seized nearly $1 billion in Iranian cryptocurrency assets under Operation Economic Fury, intensifying economic pressure on Tehran.

US seized $1 billion in Iranian crypto assets, 'outright grabbed the wallets': Bessent

President Donald Trump could soon feature on a proposed new $250 bill, in what critics say would mark another break from long-standing US traditions by placing a living president on American currency. The proposal, first reported by the Washington Post, would make Trump the first living person in more than 150 years to appear on US paper money if approved by Congress. Speaking at a media briefing on Thursday (May 28), US Treasury Secretary Scott Bessent confirmed discussions around the proposal. "Right now, there is proposed legislation, front of the House, in front of the Senate, to change the first requirement so that a living person, Donald J. Trump, could be on a $250 bill," Bessent said.&nbsp;"I don't think that there's anything untoward about having the President of the United States, the person who's president of the United States, on the 250th anniversary bill," Bessent said. According to reports, the proposed design includes the words ‘America 250 anniversary’, referencing the upcoming 250th anniversary of US independence on July 4, 2026. Bessent said Treasury officials had already begun preliminary planning should lawmakers approve the measure, but stressed that officials 'will stick to the law'.&nbsp;Also Read: <a href="https://www.wionews.com/world/treasury-secretary-scott-bessent-issues-sanctions-warning-to-oman-over-strait-of-hormuz-toll-says-any-willing-partners-will-be-penalised-1779994666160">Treasury Secretary Scott Bessent issues sanctions warning to Oman over Strait of Hormuz toll, says 'any willing partners will be penalised'</a>&nbsp;The Washington Post reported that two Trump-appointed Treasury officials encouraged staff at the Bureau of Engraving and Printing to prepare prototype designs last year. Current federal law prohibits living presidents from appearing on US currency, raising legal concerns among bureau employees who spoke anonymously to the newspaper. A Treasury spokeswoman told AFP that the Bureau of Engraving and Printing is conducting appropriate planning and due diligence in response to the proposal. She also clarified that US Treasurer Brandon Beach had not directed staff to print the bill before any congressional approval.&nbsp;The report said bureau director Patricia Solimene raised concerns over legal and procedural barriers before being reassigned from her role. The proposed bill is the latest in a series of moves by the Trump administration to place the president’s image and branding across US institutions and commemorative projects. Earlier this year, the US Commission of Fine Arts approved plans for a commemorative ‘Semiquincentennial Gold Coin’ featuring Trump-linked branding tied to America’s 250th anniversary celebrations.&nbsp;<a href="https://www.wionews.com/videos/google-engineer-accused-of-using-confidential-data-for-betting-1779980443932/embed">https://www.wionews.com/videos/google-engineer-accused-of-using-confidential-data-for-betting-1779980443932/embed</a>&nbsp;Trump’s name has also been added to institutions, including the John F. Kennedy Center for the Performing Arts and the US Institute of Peace, while banners bearing his likeness have appeared at federal departments. The legislation allowing Trump to appear on the $250 bill was introduced in Congress last year but has not advanced. Democrats sharply criticised the proposal, with Senator Mark Warner calling it an attempt at blatantly 'stoking the president's ego'.

Donald Trump may appear on a proposed $250 bill tied to America’s 250th anniversary, sparking legal debate, political backlash, and national attention

President Donald Trump could soon feature on a proposed new $250 bill, in what critics say would mark another break from long-standing US traditions by placing a living president on American currency. The proposal, first reported by the Washington Post, would make Trump the first living person in more than 150 years to appear on US paper money if approved by Congress. Speaking at a media briefing on Thursday (May 28), US Treasury Secretary Scott Bessent confirmed discussions around the proposal. "Right now, there is proposed legislation, front of the House, in front of the Senate, to change the first requirement so that a living person, Donald J. Trump, could be on a $250 bill," Bessent said. "I don't think that there's anything untoward about having the President of the United States, the person who's president of the United States, on the 250th anniversary bill," Bessent said. According to reports, the proposed design includes the words ‘America 250 anniversary’, referencing the upcoming 250th anniversary of US independence on July 4, 2026. Bessent said Treasury officials had already begun preliminary planning should lawmakers approve the measure, but stressed that officials 'will stick to the law'. Also Read: Treasury Secretary Scott Bessent issues sanctions warning to Oman over Strait of Hormuz toll, says 'any willing partners will be penalised' The Washington Post reported that two Trump-appointed Treasury officials encouraged staff at the Bureau of Engraving and Printing to prepare prototype designs last year. Current federal law prohibits living presidents from appearing on US currency, raising legal concerns among bureau employees who spoke anonymously to the newspaper. A Treasury spokeswoman told AFP that the Bureau of Engraving and Printing is conducting appropriate planning and due diligence in response to the proposal. She also clarified that US Treasurer Brandon Beach had not directed staff to print the bill before any congressional approval. The report said bureau director Patricia Solimene raised concerns over legal and procedural barriers before being reassigned from her role. The proposed bill is the latest in a series of moves by the Trump administration to place the president’s image and branding across US institutions and commemorative projects. Earlier this year, the US Commission of Fine Arts approved plans for a commemorative ‘Semiquincentennial Gold Coin’ featuring Trump-linked branding tied to America’s 250th anniversary celebrations. https://www.wionews.com/videos/google-engineer-accused-of-using-confidential-data-for-betting-1779980443932/embed Trump’s name has also been added to institutions, including the John F. Kennedy Center for the Performing Arts and the US Institute of Peace, while banners bearing his likeness have appeared at federal departments. The legislation allowing Trump to appear on the $250 bill was introduced in Congress last year but has not advanced. Democrats sharply criticised the proposal, with Senator Mark Warner calling it an attempt at blatantly 'stoking the president's ego'.

US President Donald Trump could appear on a proposed $250 bill under new legislation, sparking legal concerns and criticism from Democrats

Trump could become first living president to be featured on new $250 bill in 150 years

US Treasury Secretary Scott Bessent on Thursday (May 28) warned Oman against supporting any tolling system in the Strait of Hormuz, saying Washington could impose sanctions on all parties involved. In a post on X, Bessent said, “Oman, in particular, should know that the US Treasury will aggressively target any actors involved, directly or indirectly, in facilitating tolls for the Strait and any willing partners will be penalized.” He added that the United States would not tolerate any effort to impose a tolling system in the Strait of Hormuz, referring to Iranian proposals linked to a possible agreement with Washington.&nbsp;Later, during a White House press briefing, Bessent revealed that he had spoken with the Omani ambassador earlier in the day and received assurances that there were no plans for tolling the strategic waterway. "I told him that this was a non-starter and he did not want to risk either the Oman individuals or Omani financial institutions getting sanctioned," Bessent said. The Strait of Hormuz, a critical global shipping route through which roughly one-fifth of the world’s energy supply passes, has become increasingly tense since the United States and Israel launched military operations against Iran in late February.&nbsp;Also Read: <a href="https://www.wionews.com/world/netanyahu-orders-israeli-military-to-take-control-over-70-of-gaza-territory-1779993285046">Netanyahu orders Israeli military to take control over 70% of Gaza territory</a>&nbsp;Iran’s retaliatory measures have intensified instability across the region and significantly disrupted movement through the strait, causing sharp increases in global energy and fertilizer prices. Oman had previously acted as a mediator between Washington and Tehran during talks held in Geneva before the conflict escalated. The Gulf nation has also reportedly faced attacks linked to Iran during the crisis.&nbsp;On Wednesday, US President Donald Trump appeared to issue a warning involving Oman while responding to questions about a possible temporary arrangement allowing Oman and Iran to oversee the Strait of Hormuz. Trump said he would ‘blow them up’ if Muscat moved ahead with such a plan. The White House did not immediately clarify whether Trump intended to refer to Iran instead of Oman.&nbsp;<a href="https://www.wionews.com/videos/iran-deal-hinges-on-gulf-states-signing-abraham-accords-1779963342215/embed">https://www.wionews.com/videos/iran-deal-hinges-on-gulf-states-signing-abraham-accords-1779963342215/embed</a>&nbsp;Bessent’s remarks came shortly after the US Treasury announced sanctions against Iran’s newly established ‘Persian Gulf Strait Authority’, an agency tasked with collecting fees from vessels passing through the Strait of Hormuz. Washington also warned that any entity paying those fees could face sanctions exposure because they may be providing support to and receiving services from Iran’s Revolutionary Guards.&nbsp;Meanwhile, the United States and Iran accused each other on Thursday of violating an ongoing truce after exchanging fire in the region, marking the most serious confrontation since both sides agreed to a ceasefire in April. Indirect negotiations aimed at ending the conflict have continued through international mediators, but so far, no breakthrough has been achieved.<h2>US to block Iranian airlines’ access to landing slots, refueling, and ticket sales: Scott Bessent</h2>US Treasury Secretary Scott Bessent said on Thursday that Washington plans to block Iranian airlines from accessing landing slots, refueling services, and ticket sales as part of increased pressure on Tehran and efforts to reopen the Strait of Hormuz. In a post on X, Bessent said the United States will be shutting down both Iranian airlines' access to landing spots, refueling, and ticket sales, though he did not identify the airlines involved. "Only a satisfactory outcome in negotiations will end the downward spiral," he warned.&nbsp;While Bessent did not specify which carriers were being targeted, Iran’s national airline, Iran Air, has previously faced sanctions from the US State Department. Iran’s Mahan Air has also been repeatedly targeted under US sanctions measures. Speaking later at a press briefing on Thursday, Bessent clarified that the restrictions would not affect religious travel. "We’re not going to restrict movement for religious reasons, so Iranians who want to make the pilgrimage to Mecca or Medina will be allowed," he said. "We will also allow valid humanitarian reasons," he added.&nbsp;Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, the US, Gulf nations, and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos, and videos.

US Treasury Secretary Scott Bessent warns Oman against supporting Strait of Hormuz tolls, threatening sanctions amid rising Iran tensions

US Treasury Secretary Scott Bessent on Thursday (May 28) warned Oman against supporting any tolling system in the Strait of Hormuz, saying Washington could impose sanctions on all parties involved. In a post on X, Bessent said, “Oman, in particular, should know that the US Treasury will aggressively target any actors involved, directly or indirectly, in facilitating tolls for the Strait and any willing partners will be penalized.” He added that the United States would not tolerate any effort to impose a tolling system in the Strait of Hormuz, referring to Iranian proposals linked to a possible agreement with Washington. Later, during a White House press briefing, Bessent revealed that he had spoken with the Omani ambassador earlier in the day and received assurances that there were no plans for tolling the strategic waterway. "I told him that this was a non-starter and he did not want to risk either the Oman individuals or Omani financial institutions getting sanctioned," Bessent said. The Strait of Hormuz, a critical global shipping route through which roughly one-fifth of the world’s energy supply passes, has become increasingly tense since the United States and Israel launched military operations against Iran in late February. Also Read: Netanyahu orders Israeli military to take control over 70% of Gaza territory Iran’s retaliatory measures have intensified instability across the region and significantly disrupted movement through the strait, causing sharp increases in global energy and fertilizer prices. Oman had previously acted as a mediator between Washington and Tehran during talks held in Geneva before the conflict escalated. The Gulf nation has also reportedly faced attacks linked to Iran during the crisis. On Wednesday, US President Donald Trump appeared to issue a warning involving Oman while responding to questions about a possible temporary arrangement allowing Oman and Iran to oversee the Strait of Hormuz. Trump said he would ‘blow them up’ if Muscat moved ahead with such a plan. The White House did not immediately clarify whether Trump intended to refer to Iran instead of Oman. https://www.wionews.com/videos/iran-deal-hinges-on-gulf-states-signing-abraham-accords-1779963342215/embed Bessent’s remarks came shortly after the US Treasury announced sanctions against Iran’s newly established ‘Persian Gulf Strait Authority’, an agency tasked with collecting fees from vessels passing through the Strait of Hormuz. Washington also warned that any entity paying those fees could face sanctions exposure because they may be providing support to and receiving services from Iran’s Revolutionary Guards. Meanwhile, the United States and Iran accused each other on Thursday of violating an ongoing truce after exchanging fire in the region, marking the most serious confrontation since both sides agreed to a ceasefire in April. Indirect negotiations aimed at ending the conflict have continued through international mediators, but so far, no breakthrough has been achieved. US to block Iranian airlines’ access to landing slots, refueling, and ticket sales: Scott Bessent US Treasury Secretary Scott Bessent said on Thursday that Washington plans to block Iranian airlines from accessing landing slots, refueling services, and ticket sales as part of increased pressure on Tehran and efforts to reopen the Strait of Hormuz. In a post on X, Bessent said the United States will be shutting down both Iranian airlines' access to landing spots, refueling, and ticket sales, though he did not identify the airlines involved. "Only a satisfactory outcome in negotiations will end the downward spiral," he warned. While Bessent did not specify which carriers were being targeted, Iran’s national airline, Iran Air, has previously faced sanctions from the US State Department. Iran’s Mahan Air has also been repeatedly targeted under US sanctions measures. Speaking later at a press briefing on Thursday, Bessent clarified that the restrictions would not affect religious travel. "We’re not going to restrict movement for religious reasons, so Iranians who want to make the pilgrimage to Mecca or Medina will be allowed," he said. "We will also allow valid humanitarian reasons," he added. Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, the US, Gulf nations, and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos, and videos.

US warns Oman of sanctions over any Strait of Hormuz toll plan as tensions with Iran escalate and ceasefire violations emerge

Treasury Secretary Scott Bessent issues sanctions warning to Oman over Strait of Hormuz toll, says 'any willing partners will be penalised'

The United States Treasury has extended a sanctions waiver allowing purchases of Russian seaborne oil for another 30 days to support “energy-vulnerable” countries affected by disruptions in Gulf oil supplies.&nbsp;Announcing the decision on Monday, Scott Bessent said the extension would provide flexibility to countries facing supply shortages.&nbsp;“This extension will provide additional flexibility, and we will work with these nations to provide specific licenses as needed. This general license will help stabilise the physical crude market and ensure oil reaches the most energy-vulnerable countries,” Bessent said in a post on X.&nbsp;“It will also help reroute existing supply to countries most in need by reducing China’s ability to stockpile discounted oil,” he added.

<blockquote class="twitter-tweet">.<a href="https://twitter.com/USTreasury?ref_src=twsrc%5Etfw">@USTreasury</a> is issuing a temporary 30-day general license to provide the most vulnerable nations with the ability to temporarily access Russian oil currently stranded at sea. This extension will provide additional flexibility, and we will work with these nations to provide…&mdash; Treasury Secretary Scott Bessent (@SecScottBessent) <a href="https://twitter.com/SecScottBessent/status/2056411947982115207?ref_src=twsrc%5Etfw">May 18, 2026</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Also Read: <a href="https://www.wionews.com/india-news/pm-modi-hails-lab-to-lab-and-scientist-to-scientist-ties-at-norway-india-business-and-research-summit-1779124305376">PM Modi hails ‘Lab-to-Lab’ and ‘Scientist-to-Scientist’ ties at Norway-India Business and Research Summit</a>&nbsp;The latest move marks the second time the US Treasury has allowed the waiver to expire before extending it again. The waiver was first introduced in March after supply disruptions and rising oil prices triggered by US-Israeli strikes on Iran. The measure was aimed at releasing Russian oil and petroleum products stranded in tankers due to sanctions.&nbsp;Although the waiver has not significantly lowered global oil prices, it has provided relief to countries such as India, which was one of the largest buyers of Russian crude before Washington imposed tougher sanctions on Russian oil companies over the Ukraine war.&nbsp;&nbsp;However, earlier today, Sujata Sharma, Joint Secretary at the Ministry of Petroleum &amp; Natural Gas, said India would continue purchasing Russian crude oil irrespective of the status of American sanctions waivers.&nbsp;Oil prices continued to rise amid supply concerns on Monday, with benchmark Brent crude futures climbing around 1.5 per cent to nearly $111 per barrel.&nbsp;The rise came even after reports from an Iranian news agency claimed Washington was considering temporarily easing sanctions on Iranian oil as part of broader peace negotiations.&nbsp;Earlier today, speaking from Paris during a meeting of G7 finance leaders, Bessent also called for stricter enforcement of sanctions on Iran.&nbsp;“We call upon all our G7 and indeed all of our allies and the rest of the world to follow the sanctions regime, so that we can crack down on the illicit finance that is fueling the Iranian war machine and give this money back to the Iranian people,” Bessent told reporters.

The United States had issued the waiver to ease global oil supply shortages and rising prices after Iran closed the Strait of Hormuz following the US-Israeli offensive against the Islamic Republic. 

The United States Treasury has extended a sanctions waiver allowing purchases of Russian seaborne oil for another 30 days to support “energy-vulnerable” countries affected by disruptions in Gulf oil supplies. Announcing the decision on Monday, Scott Bessent said the extension would provide flexibility to countries facing supply shortages. “This extension will provide additional flexibility, and we will work with these nations to provide specific licenses as needed. This general license will help stabilise the physical crude market and ensure oil reaches the most energy-vulnerable countries,” Bessent said in a post on X. “It will also help reroute existing supply to countries most in need by reducing China’s ability to stockpile discounted oil,” he added.

The United States had issued the waiver to ease global oil supply shortages and rising prices after Iran closed the Strait of Hormuz following the US-Israeli offensive against the Islamic Republic.&nbsp;

US extends sanctions waiver for Russian oil purchases by 30 days amid Hormuz tensions

The United States has frozen $344 million in cryptocurrency assets linked to Iran, Treasury Secretary Scott Bessent said on Friday (April 24), as Washington intensifies pressure on Tehran amid energy supply disruptions tied to conflict in the Middle East. The Treasury Department "will continue to systematically degrade Tehran's ability to generate, move, and repatriate funds," Bessent vowed in a statement on X.&nbsp;He added that the department imposed sanctions on "multiple wallets tied to Iran," leading to the freeze of funds. The move comes as US envoys Steve Witkoff and Jared Kushner are set to travel to Pakistan on Saturday for a new round of talks with Iran aimed at ending the conflict.&nbsp;Also Read: <a href="https://www.wionews.com/world/trump-one-little-half-sentence-and-ridiculous-supreme-court-ruling-on-tariffs-could-have-saved-us-159-billion-1777058211529">Trump: 'One little half sentence' and ridiculous Supreme Court ruling on tariffs could have saved US $159 billion</a>

<blockquote class="twitter-tweet">Under Economic Fury, <a href="https://twitter.com/USTreasury?ref_src=twsrc%5Etfw">@USTreasury</a> will continue to systematically degrade Tehran’s ability to generate, move, and repatriate funds. Treasury’s Office of Foreign Assets Control is sanctioning multiple wallets tied to Iran — resulting in the freeze of $344 million in…&mdash; Treasury Secretary Scott Bessent (@SecScottBessent) <a href="https://twitter.com/SecScottBessent/status/2047741124853502012?ref_src=twsrc%5Etfw">April 24, 2026</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

<h2>US tightens pressure on Iran, sanctions Chinese oil refinery and 40 shipping companies</h2>Meanwhile, President Donald Trump’s administration has imposed economic sanctions on a major China-based oil refinery, along with around 40 shipping companies and tankers accused of transporting Iranian oil. The move, announced on Friday and first reported by news agency The Associated Press, follows through on Trump’s warning to apply secondary sanctions on entities conducting business with Iran. It forms part of a broader campaign to curb Tehran’s primary revenue stream, its oil exports.&nbsp;<a href="https://www.wionews.com/videos/pakistan-s-terror-links-exposed-fresh-images-fuel-claims-of-terror-nexus-1777051374261/embed">https://www.wionews.com/videos/pakistan-s-terror-links-exposed-fresh-images-fuel-claims-of-terror-nexus-1777051374261/embed</a>&nbsp;At the same time, the US has enforced a physical blockade on the Strait of Hormuz, a critical route for global energy supplies. These sanctions, which sever access to the US financial system and penalize those engaging with the targeted entities, come weeks before a planned meeting between Trump and Xi Jinping in China.&nbsp;Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, the US, Gulf nations, and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos, and videos.

The US freezes $344M in Iran-linked crypto and expands oil sanctions, escalating pressure on Tehran ahead of new diplomatic talks

The United States has frozen $344 million in cryptocurrency assets linked to Iran, Treasury Secretary Scott Bessent said on Friday (April 24), as Washington intensifies pressure on Tehran amid energy supply disruptions tied to conflict in the Middle East. The Treasury Department "will continue to systematically degrade Tehran's ability to generate, move, and repatriate funds," Bessent vowed in a statement on X. He added that the department imposed sanctions on "multiple wallets tied to Iran," leading to the freeze of funds. The move comes as US envoys Steve Witkoff and Jared Kushner are set to travel to Pakistan on Saturday for a new round of talks with Iran aimed at ending the conflict. Also Read: Trump: 'One little half sentence' and ridiculous Supreme Court ruling on tariffs could have saved US $159 billion

US freezes $344 million in crypto tied to Iran, expands sanctions on oil trade as tensions rise, and new diplomatic talks are set to begin

US freezes $344 million in Iran-linked cryptocurrency amid energy supply disruptions: Bessent

The US Department of the Treasury, through its Office of Foreign Assets Control (OFAC), has designated seven Iraqi militia commanders for their roles in planning and executing attacks against US personnel, facilities, and interests in Iraq. The individuals are linked to Iran-backed militia groups, including Kata’ib Hizballah, Kata’ib Sayyid Al-Shuhada, Harakat Al-Nujaba, and Asa’ib Ahl Al-Haqq. These groups have been accused of carrying out attacks on US forces and civilians, diverting Iraq’s resources to fund militant activities, and undermining the country’s sovereignty.&nbsp;“We will not allow Iraq’s terrorist militias, backed by Iran, to threaten American lives or interests,” said Secretary of the Treasury Scott Bessent. “Those who enable these militias’ violence will be held accountable.” The sanctions were imposed under Executive Order 13224, which targets terrorists and their supporters. The move builds on previous U.S. actions against Iran-backed networks operating in the region. These militias have already been designated as Specially Designated Global Terrorists (SDGTs) and Foreign Terrorist Organizations (FTOs).&nbsp;Also Read: <a href="https://www.wionews.com/world/watch-awkward-macron-meloni-hug-goes-viral-during-high-stakes-talks-in-paris-1776455329160">WATCH | Awkward! Macron-Meloni hug goes viral during high-stakes talks in Paris</a><h2>Who are the key Iraqi militia commanders?</h2><ul><li>Within Kata’ib Hizballah, Ammar Jasim Kadhim Al Rammahi has been identified as an operational commander responsible for planning and coordinating attacks on US targets. Radhwan Yousif Hameed Almohammed and Hasan Dheyab Hamzah Hamzah are also senior officials involved in operational coordination.</li><li>In Asa’ib Ahl Al-Haqq, Safaa Adnan Jabbar Suwaed serves as a senior commander and operations chief in Iraq’s Salah ad-Din Province. The group has reportedly conducted thousands of attacks and utilized Iranian drones against US and coalition forces.</li><li>Kata’ib Sayyid Al-Shuhada leaders Khalid Jameel Abed Albakhatra and Saeed Kadhim Mukhamis were also designated, with Albakhatra serving as a commander within the group.</li><li>Additionally, Husham Hashim Jaythoom, a military trainer affiliated with Harakat Al-Nujaba, was sanctioned for supporting operations and publicly aligning with Iran.</li></ul><a href="https://www.wionews.com/videos/jet-fuel-shortage-begins-to-hit-world-air-travel-1776446079529/embed">https://www.wionews.com/videos/jet-fuel-shortage-begins-to-hit-world-air-travel-1776446079529/embed</a><h2>Sanctions implications</h2>As a result of these designations, all assets and property belonging to the listed individuals within US jurisdiction are blocked and must be reported to OFAC. Entities owned 50 percent or more by these individuals are also subject to blocking measures. US regulations now prohibit transactions involving these designated individuals unless authorized by OFAC. Violations can lead to civil or criminal penalties for both U.S. and foreign entities.&nbsp;Foreign financial institutions may also face secondary sanctions if they engage in significant transactions involving these individuals. OFAC retains the authority to restrict or prohibit access to US financial systems for such institutions. The Treasury emphasized that sanctions aim not only to penalize but also to encourage behavioral change, noting that individuals can be removed from the sanctions list if they meet legal criteria.

US Treasury sanctions Iraqi militia leaders tied to Iran-backed groups for attacks on US forces. Assets blocked under Executive Order 13224

The US Department of the Treasury, through its Office of Foreign Assets Control (OFAC), has designated seven Iraqi militia commanders for their roles in planning and executing attacks against US personnel, facilities, and interests in Iraq. The individuals are linked to Iran-backed militia groups, including Kata’ib Hizballah, Kata’ib Sayyid Al-Shuhada, Harakat Al-Nujaba, and Asa’ib Ahl Al-Haqq. These groups have been accused of carrying out attacks on US forces and civilians, diverting Iraq’s resources to fund militant activities, and undermining the country’s sovereignty. “We will not allow Iraq’s terrorist militias, backed by Iran, to threaten American lives or interests,” said Secretary of the Treasury Scott Bessent. “Those who enable these militias’ violence will be held accountable.” The sanctions were imposed under Executive Order 13224, which targets terrorists and their supporters. The move builds on previous U.S. actions against Iran-backed networks operating in the region. These militias have already been designated as Specially Designated Global Terrorists (SDGTs) and Foreign Terrorist Organizations (FTOs). Also Read: WATCH | Awkward! Macron-Meloni hug goes viral during high-stakes talks in Paris Who are the key Iraqi militia commanders? Within Kata’ib Hizballah, Ammar Jasim Kadhim Al Rammahi has been identified as an operational commander responsible for planning and coordinating attacks on US targets. Radhwan Yousif Hameed Almohammed and Hasan Dheyab Hamzah Hamzah are also senior officials involved in operational coordination. In Asa’ib Ahl Al-Haqq, Safaa Adnan Jabbar Suwaed serves as a senior commander and operations chief in Iraq’s Salah ad-Din Province. The group has reportedly conducted thousands of attacks and utilized Iranian drones against US and coalition forces. Kata’ib Sayyid Al-Shuhada leaders Khalid Jameel Abed Albakhatra and Saeed Kadhim Mukhamis were also designated, with Albakhatra serving as a commander within the group. Additionally, Husham Hashim Jaythoom, a military trainer affiliated with Harakat Al-Nujaba, was sanctioned for supporting operations and publicly aligning with Iran. https://www.wionews.com/videos/jet-fuel-shortage-begins-to-hit-world-air-travel-1776446079529/embed Sanctions implications As a result of these designations, all assets and property belonging to the listed individuals within US jurisdiction are blocked and must be reported to OFAC. Entities owned 50 percent or more by these individuals are also subject to blocking measures. US regulations now prohibit transactions involving these designated individuals unless authorized by OFAC. Violations can lead to civil or criminal penalties for both U.S. and foreign entities. Foreign financial institutions may also face secondary sanctions if they engage in significant transactions involving these individuals. OFAC retains the authority to restrict or prohibit access to US financial systems for such institutions. The Treasury emphasized that sanctions aim not only to penalize but also to encourage behavioral change, noting that individuals can be removed from the sanctions list if they meet legal criteria.

US sanctions seven Iraqi militia commanders linked to Iran-backed groups for attacks on American forces; assets blocked under anti-terror order

US sanctions 7 Iraqi militia commanders linked to Iran-backed groups under 'Economic Fury'. Who all are on the list

US Treasury Secretary Scott Bessent said on Wednesday (April 15) that gas prices in the United States could fall to around $3 per gallon between late June and late September, depending on developments in global energy supply. “It’s bank week here in DC, so I’ve been meeting with a lot of my Middle Eastern counterparts, the finance ministers, and they all say when the straits are open, they can start pumping again within one week,” Bessent told reporters during a press briefing.&nbsp;He emphasised that the timeline hinges on negotiations surrounding the reopening of the Strait of Hormuz, a critical route for global oil shipments. “I’m optimistic that sometime between June 20 and September 20, we can have $3 gas again,” Bessent said. Gas prices are currently averaging $4.11, according to The Hill. Prices surged following the escalation of the Iran war, during which Iran shut down the Strait of Hormuz, a passage that handles roughly 20% of the world’s oil supply.&nbsp;Also Read: <a href="https://www.wionews.com/trending/trump-s-arc-de-trump-gets-official-name-here-s-what-it-will-be-called-1776281308689">Trump’s ‘Arc de Trump’ gets official name. Here’s what it will be called</a>&nbsp;Meanwhile, Donald Trump recently weighed in on future energy costs, suggesting uncertainty ahead of the 2026 midterm elections. “I hope so,” Trump answered. “I mean, I think so. It could be, it could be, or the same, or maybe a little bit higher. But, it should be around the same.” During the briefing, White House Press Secretary Karoline Leavitt and Bessent were also questioned about potential tariffs on China.&nbsp;<a href="https://www.wionews.com/videos/starmer-s-survival-as-pm-at-stake-as/embed-opinion-polls-predict-election-debacle-for-labour-1776274178847">https://www.wionews.com/videos/starmer-s-survival-as-pm-at-stake-as/embed-opinion-polls-predict-election-debacle-for-labour-1776274178847</a>&nbsp;Leavitt said Chinese President Xi Jinping had assured Trump that China is not supplying weapons to Iran amid the conflict. Bessent added that the Treasury Department has warned two Chinese banks they could face secondary sanctions if Iranian funds are found in their accounts, though he did not name the institutions.&nbsp;Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, the US, Gulf nations, and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos, and videos.

US Treasury Secretary Scott Bessent says gas prices could fall to $3 between June and September if the Strait of Hormuz reopens amid Iran tensions

US Treasury Secretary Scott Bessent said on Wednesday (April 15) that gas prices in the United States could fall to around $3 per gallon between late June and late September, depending on developments in global energy supply. “It’s bank week here in DC, so I’ve been meeting with a lot of my Middle Eastern counterparts, the finance ministers, and they all say when the straits are open, they can start pumping again within one week,” Bessent told reporters during a press briefing. He emphasised that the timeline hinges on negotiations surrounding the reopening of the Strait of Hormuz, a critical route for global oil shipments. “I’m optimistic that sometime between June 20 and September 20, we can have $3 gas again,” Bessent said. Gas prices are currently averaging $4.11, according to The Hill. Prices surged following the escalation of the Iran war, during which Iran shut down the Strait of Hormuz, a passage that handles roughly 20% of the world’s oil supply. Also Read: Trump’s ‘Arc de Trump’ gets official name. Here’s what it will be called Meanwhile, Donald Trump recently weighed in on future energy costs, suggesting uncertainty ahead of the 2026 midterm elections. “I hope so,” Trump answered. “I mean, I think so. It could be, it could be, or the same, or maybe a little bit higher. But, it should be around the same.” During the briefing, White House Press Secretary Karoline Leavitt and Bessent were also questioned about potential tariffs on China. https://www.wionews.com/videos/starmer-s-survival-as-pm-at-stake-as/embed-opinion-polls-predict-election-debacle-for-labour-1776274178847 Leavitt said Chinese President Xi Jinping had assured Trump that China is not supplying weapons to Iran amid the conflict. Bessent added that the Treasury Department has warned two Chinese banks they could face secondary sanctions if Iranian funds are found in their accounts, though he did not name the institutions. Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, the US, Gulf nations, and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos, and videos.

Scott Bessent says US gas could drop to $3 by late summer if the Strait of Hormuz reopens, as oil supply recovers amid Iran conflict and global talks

'Gas prices in America could drop to $3 by late September', says US Treasury Secretary Scott Bessent

US Treasury Secretary Scott Bessent said on Sunday that President Donald Trump is keeping all options on the table and is ramping up its attacks on Iran, as “sometimes you have to escalate to de-escalate”. Bessent also defended Trump’s rhetoric, saying it’s “the only language the Iranians understand," and supported strikes on Iran’s infrastructure.&nbsp;On being asked if US troops would be sent to Iran’s Kharg Island, Bessent said the US had a very successful bombing campaign on the island and repeated that “all options are on the table”.&nbsp;Also Read: <a href="https://www.wionews.com/world/netanyahu-urges-europe-to-join-fight-against-iran-cites-long-range-missile-attack-1774181563562">Netanyahu urges Europe to join fight against Iran, cites long-range missile attack</a>&nbsp;He also said that Trump has “very clear goals” of destroying Iran’s navy and air force, its missile capability, and its ability to replenish its weapons. The US will also make sure that Iran can never have a nuclear weapon, he added.&nbsp;Bessent’s comments came hours after President Donald Trump wrote on Truth Social that he was giving Iranian leadership 48 hours to open the Strait of Hormuz or risk US military strikes that “will hit and obliterate their various POWER PLANTS, STARTING WITH THE BIGGEST ONE FIRST!”&nbsp;Also Read: <a href="https://www.wionews.com/world/cuba-s-military-preparing-for-possible-us-military-aggression-says-deputy-foreign-minister-1774190659773">‘Cuba’s military preparing for possible US military aggression,’ says deputy foreign minister</a>&nbsp;Replying to Trump’s threat, a spokesperson for Iran’s military command headquarters warned that Iran will respond in kind if the US strikes take place.“If Iran’s fuel and energy infrastructure is attacked, then fuel, energy, information technology systems, and desalination infrastructure used by America and the regime in the region will be struck,” Col. Ebrahim Zolfaqari said, according to the Iranian state news agency IRNA.&nbsp;Also Read: <a href="https://www.wionews.com/world/-halt-military-action-first-iran-s-president-calls-on-india-chaired-brics-to-play-role-in-halting-aggression-1774116854054">‘Halt military action first’: Iran's president calls on India-chaired BRICS to play role in halting aggression</a>&nbsp;The US has so avoided striking Iran’s oil infrastructure amid the ongoing conflict.&nbsp;&nbsp;<h2>‘We have sufficient funds to sustain ongoing war’</h2>&nbsp;&nbsp;The Treasury Secretary also said that the US has sufficient funds to sustain its ongoing war effort against Iran but is seeking additional “supplemental” funding from Congress to ensure long-term military readiness.&nbsp;Bessent addee that the request for additional funds of around $200 billion is aimed at strengthening future preparedness rather than addressing any immediate funding shortfall.&nbsp;“We have plenty of money to fund this war. This is supplemental,” Bessent said, adding that President Trump wants to ensure the military remains “well supplied going forward.”&nbsp;Bessent also defended the Treasury Department's decision last week to ease certain sanctions on Iran by “permitting the sale of Iranian oil currently stranded at sea,” as the Trump administration seeks to address rising energy costs.&nbsp;Also Read: <a href="https://www.wionews.com/world/-if-america-attacks-pakistan-we-ll-target-delhi-and-mumbai-in-india-says-former-high-commissioner-abdul-basit-1774109240302">‘If America attacks Pakistan, we’ll target Delhi and Mumbai in India,’ says former high commissioner Abdul Basit</a>&nbsp;Bessent said it would “quickly bring approximately 140 million barrels of oil to global markets” and help “to relieve the temporary pressures on supply caused by Iran,” though some experts questioned why the US would boost Iran economically amid the war.

On being asked if US troops would be sent to Iran’s Kharg Island, Bessent said the US had a very successful bombing campaign on the island and that President Donald Trump is keeping all options on the table and is ramping up its attacks on Iran.

US Treasury Secretary Scott Bessent said on Sunday that President Donald Trump is keeping all options on the table and is ramping up its attacks on Iran, as “sometimes you have to escalate to de-escalate”. Bessent also defended Trump’s rhetoric, saying it’s “the only language the Iranians understand," and supported strikes on Iran’s infrastructure. On being asked if US troops would be sent to Iran’s Kharg Island, Bessent said the US had a very successful bombing campaign on the island and repeated that “all options are on the table”. Also Read: Netanyahu urges Europe to join fight against Iran, cites long-range missile attack He also said that Trump has “very clear goals” of destroying Iran’s navy and air force, its missile capability, and its ability to replenish its weapons. The US will also make sure that Iran can never have a nuclear weapon, he added. Bessent’s comments came hours after President Donald Trump wrote on Truth Social that he was giving Iranian leadership 48 hours to open the Strait of Hormuz or risk US military strikes that “will hit and obliterate their various POWER PLANTS, STARTING WITH THE BIGGEST ONE FIRST!” Also Read: ‘Cuba’s military preparing for possible US military aggression,’ says deputy foreign minister Replying to Trump’s threat, a spokesperson for Iran’s military command headquarters warned that Iran will respond in kind if the US strikes take place. “If Iran’s fuel and energy infrastructure is attacked, then fuel, energy, information technology systems, and desalination infrastructure used by America and the regime in the region will be struck,” Col. Ebrahim Zolfaqari said, according to the Iranian state news agency IRNA. Also Read: ‘Halt military action first’: Iran's president calls on India-chaired BRICS to play role in halting aggression The US has so avoided striking Iran’s oil infrastructure amid the ongoing conflict. ‘We have sufficient funds to sustain ongoing war’ The Treasury Secretary also said that the US has sufficient funds to sustain its ongoing war effort against Iran but is seeking additional “supplemental” funding from Congress to ensure long-term military readiness. Bessent addee that the request for additional funds of around $200 billion is aimed at strengthening future preparedness rather than addressing any immediate funding shortfall. “We have plenty of money to fund this war. This is supplemental,” Bessent said, adding that President Trump wants to ensure the military remains “well supplied going forward.” Bessent also defended the Treasury Department's decision last week to ease certain sanctions on Iran by “permitting the sale of Iranian oil currently stranded at sea,” as the Trump administration seeks to address rising energy costs. Also Read: ‘If America attacks Pakistan, we’ll target Delhi and Mumbai in India,’ says former high commissioner Abdul Basit Bessent said it would “quickly bring approximately 140 million barrels of oil to global markets” and help “to relieve the temporary pressures on supply caused by Iran,” though some experts questioned why the US would boost Iran economically amid the war.

On being asked if US troops would be sent to Iran’s Kharg Island, Bessent said the US had a very successful bombing campaign on the island and that President Donald Trump is keeping all options on the table and is ramping up its attacks on Iran.

‘Have to escalate to de-escalate’: US Treasury Secretary Scott Bessent defends military actions in Iran

The United States has temporarily lifted sanctions on Iranian oil already at sea in a bid to ease surging global energy prices driven by the U.S.-Israeli war on Iran, according to U.S. Treasury Secretary Scott Bessent.

The Treasury Department issued a “narrowly tailored” authorization allowing the sale of Iranian crude oil and petroleum products loaded on vessels as of March 20, with the waiver running until April 19.

Report: Trump's Kharg Island Plans Aimed To Push Iran on Hormuz

The United States is allowing Iranian oil tankers to continue passing through the Strait of Hormuz to maintain global oil supply, US Treasury Secretary Scott Bessent said on Monday (March 16) in an interview with CNBC. “The Iranian ships have been getting out already, and we’ve let that happen to supply the rest of the world,” Bessent told CNBC’s Brian Sullivan. Tanker traffic through the key shipping route has dropped sharply as Iran continues to attack commercial vessels in the Persian Gulf. Despite tensions and the presence of the U.S. Navy in the region, Iran has continued to export millions of barrels of oil through the narrow passage. Iran currently exports around 1.5 million barrels per day.&nbsp;According to Bessent, the Trump administration expects tanker traffic through the Strait of Hormuz to increase before US and allied naval forces begin escorting commercial vessels. He added that tankers delivering oil to India have already moved through the Strait, and US officials believe some Chinese vessels are also leaving the Gulf. “We think that there will be a natural opening that the Iranians are letting out, and for now, we’re fine with that. We want the world to be well supplied,” Bessent said.&nbsp;Also Read: <a href="https://www.wionews.com/india-news/watch-indian-lpg-tanker-shivalik-arrives-at-mundra-port-after-safe-transit-via-strait-of-hormuz-1773661163343">WATCH | Indian LPG tanker Shivalik arrives at Mundra Port after safe transit via Strait of Hormuz</a>&nbsp;Bessent also expressed expectations that oil prices could drop significantly after the conflict ends. “The world will be safer, and we will be better supplied,” he said, adding that prices could fall “much lower” than $80 per barrel once the war is over. However, he noted that he does not know when the conflict will end. Bessent also dismissed speculation that the administration might step into oil futures markets. “We haven’t done that,” the Treasury secretary said. He added that it remains unclear what legal authority the US government would even have to intervene in such trading.&nbsp;<a href="https://www.wionews.com/videos/fuel-crisis-indian-lpg-tanker-arrives-after-safe-sail-through-hormuz-1773665081391/embed">https://www.wionews.com/videos/fuel-crisis-indian-lpg-tanker-arrives-after-safe-sail-through-hormuz-1773665081391/embed</a>&nbsp;Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, the US, Gulf nations, and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos, and videos.

'US allowing Iranian oil tankers through Strait of Hormuz to maintain global supply', says Scott Bessent 

The United States is allowing Iranian oil tankers to continue passing through the Strait of Hormuz to maintain global oil supply, US Treasury Secretary Scott Bessent said on Monday (March 16) in an interview with CNBC. “The Iranian ships have been getting out already, and we’ve let that happen to supply the rest of the world,” Bessent told CNBC’s Brian Sullivan. Tanker traffic through the key shipping route has dropped sharply as Iran continues to attack commercial vessels in the Persian Gulf. Despite tensions and the presence of the U.S. Navy in the region, Iran has continued to export millions of barrels of oil through the narrow passage. Iran currently exports around 1.5 million barrels per day. According to Bessent, the Trump administration expects tanker traffic through the Strait of Hormuz to increase before US and allied naval forces begin escorting commercial vessels. He added that tankers delivering oil to India have already moved through the Strait, and US officials believe some Chinese vessels are also leaving the Gulf. “We think that there will be a natural opening that the Iranians are letting out, and for now, we’re fine with that. We want the world to be well supplied,” Bessent said. Also Read: WATCH | Indian LPG tanker Shivalik arrives at Mundra Port after safe transit via Strait of Hormuz Bessent also expressed expectations that oil prices could drop significantly after the conflict ends. “The world will be safer, and we will be better supplied,” he said, adding that prices could fall “much lower” than $80 per barrel once the war is over. However, he noted that he does not know when the conflict will end. Bessent also dismissed speculation that the administration might step into oil futures markets. “We haven’t done that,” the Treasury secretary said. He added that it remains unclear what legal authority the US government would even have to intervene in such trading. https://www.wionews.com/videos/fuel-crisis-indian-lpg-tanker-arrives-after-safe-sail-through-hormuz-1773665081391/embed Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, the US, Gulf nations, and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos, and videos.

US allows Iranian oil tankers through Strait of Hormuz to stabilise global supply, Treasury Secretary Scott Bessent says amid tensions in the Gulf

'US allowing Iranian oil tankers through Strait of Hormuz to maintain global supply', says Scott Bessent

The US has temporarily allowed India to buy Russian oil currently stuck at sea in an effort to keep global supplies flowing and temper further price increases.

The US treasury has issued a 30-day waiver allowing India to buy Russian oil, having previously imposed heavy sanctions related to the war in Ukraine.

Bessent: We May Unsanction Other Russian Oil

The US Treasury Department announced on Wednesday that it had sanctioned over 30 individuals and entities for enabling illicit Iranian petroleum sales. In a press release, the Treasury Department said that its Office of Foreign Assets Control (OFAC) specifically targeted vessels operating as part of Iran’s shadow fleet.&nbsp;“Today, Treasury’s Office of Foreign Assets Control sanctioned over 30 individuals, entities, and vessels enabling illicit Iranian petroleum sales and Iran’s ballistic missile and advanced conventional weapons production, as part of Treasury’s ongoing campaign of maximum pressure on Iran,” the department wrote on X.&nbsp;&nbsp;

<blockquote class="twitter-tweet">Today, Treasury’s Office of Foreign Assets Control sanctioned over 30 individuals, entities, and vessels enabling illicit Iranian petroleum sales and Iran’s ballistic missile and advanced conventional weapons production, as part of Treasury’s ongoing campaign of maximum pressure…&mdash; Treasury Department (@USTreasury) <a href="https://twitter.com/USTreasury/status/2026681338447708447?ref_src=twsrc%5Etfw">February 25, 2026</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

&nbsp;&nbsp;“OFAC also targeted multiple networks that enable Iran’s Islamic Revolutionary Guard Corps (IRGC) and Ministry of Defence and Armed Forces Logistics (MODAFL) to secure the precursor materials and sensitive machinery required to reconstitute ballistic missile and ACW production capacity, as well as proliferate unmanned aerial vehicles (UAVs) to third countries,” the press release said.&nbsp;&nbsp;Also Read: <a href="https://www.wionews.com/world/suicide-bomber-blows-himself-up-near-pakistan-checkpost-4-cops-dead-1772038584936">Suicide bomber blows himself up near Pakistan checkpost; 4 cops dead | Video</a><h2>‘Department would continue to put pressure on Iran’: Scott Bessent</h2>&nbsp;Treasury Secretary Scott Bessent said that the department would continue to put pressure on Iran to target the regime’s weapons capabilities.The Treasury Secretary said Iran exploits financial systems to sell illicit oil, launder the proceeds, procure components for its nuclear and conventional weapons programmes, and support its terrorist proxies.“Under President Trump’s strong leadership, Treasury will continue to put maximum pressure on Iran to target the regime’s weapons capabilities and support for terrorism, which it has prioritised over the lives of the Iranian people,” Bessent wrote on X.&nbsp;Also Read: <a href="https://www.wionews.com/india-news/-shocking-unacceptable-says-minister-govt-initiates-action-against-bsnl-director-over-prayagraj-visit-row-1772027947359">‘Shocking, unacceptable,’ says minister; govt initiates action against BSNL director over Prayagraj visit row</a><h2>OFAC also targeted nine individuals and entities based in Iran, Türkiye, and the UAE</h2>&nbsp;OFAC targeted 12 shadow fleet vessels and their respective owners or operators that have collectively transported hundreds of millions of dollars’ worth of Iranian petroleum and petrochemical products.OFAC also targeted nine individuals and entities based in Iran, Türkiye, and the United Arab Emirates (UAE) that facilitated the procurement of precursor chemicals and sensitive machinery for the IRGC and Ministry of Defense and Armed Forces Logistics (MODAFL) and their respective missile and ACW programmes, as well as proliferated UAVs to third countries.&nbsp;Also Read: <a href="https://www.wionews.com/world/pm-modi-greeted-by-israeli-prime-minister-benjamin-netanyahu-as-he-lands-in-israel-1772017052730">PM Modi greeted by Israeli Prime Minister Benjamin Netanyahu on landing in Israel, to address Knesset</a>&nbsp;It was reported last week that President Donald Trump was weighing new military strikes on Iran, as the regime has been cracking down on protesters.Iranian leaders have spoken out against an aggressive response, and there have been talks in the past.

The US Treasury’s Office of Foreign Assets Control targeted 12 shadow fleet vessels and their respective owners or operators that have collectively transported hundreds of millions of dollars’ worth of Iranian petroleum and petrochemical products.

The US Treasury Department announced on Wednesday that it had sanctioned over 30 individuals and entities for enabling illicit Iranian petroleum sales. In a press release, the Treasury Department said that its Office of Foreign Assets Control (OFAC) specifically targeted vessels operating as part of Iran’s shadow fleet. “Today, Treasury’s Office of Foreign Assets Control sanctioned over 30 individuals, entities, and vessels enabling illicit Iranian petroleum sales and Iran’s ballistic missile and advanced conventional weapons production, as part of Treasury’s ongoing campaign of maximum pressure on Iran,” the department wrote on X.

The US Treasury’s Office of Foreign Assets Control targeted 12 shadow fleet vessels and their respective owners or operators that have collectively transported hundreds of millions of dollars’ worth of Iranian petroleum and petrochemical products.

US Treasury sanctions over 30 individuals and entities for enabling illicit Iranian petroleum sales

US President Donald Trump's top aide on Wednesday (Jan 28) slammed the European Union for its newly signed "Mother of all deals" with India. US Treasury Secretary Scott Bessent said he was "very disappointed" with Europe and accused the bloc of putting commerce ahead of its political principles. His remarks came a day after India and the EU concluded what both sides described as a historic free trade agreement, one that European Commission President Ursula von der Leyen dubbed the "mother of all deals."Also read | <a href="https://www.wionews.com/world/israel-hopes-to-conclude-free-trade-agreement-with-india-this-year-says-ambassador-azar-1769626573391">Israel hopes to conclude free trade agreement with India this year, says Ambassador Azar</a><h2>Russian oil and alleged double standards</h2>In an interview with CNBC, Bessent claimed European countries had been buying refined products made in India using Russian oil supplies. He also alleged that the EU had refused to align with the US on higher tariffs for Indian goods because it was busy negotiating the trade pact."They should do what's best for themselves," Bessent said. "But I will tell you, I found, I find the Europeans very disappointing".Also read | <a href="https://www.wionews.com/trending/sometimes-people-need-a-dictator-trump-stuns-davos-after-greenland-rant-1769047692322">Sometimes people 'need a dictator’: Trump stuns Davos with sinister threat after Greenland rant</a>He described the practice as Europe "funding the war against themselves," arguing that even as the continent bears the brunt of the conflict, it has continued to prioritise trade relationships over tightening economic pressure on Russia.The comments underline growing frustration in Washington over Europe’s economic ties with both India and Russia. Last year, the US imposed an additional 25 per cent tariff on Indian imports, citing New Delhi’s continued purchases of Russian oil despite Western sanctions. Europe did not follow suit.Instead, it pushed ahead with negotiations that finally wrapped up this week, delivering one of the largest trade agreements the EU has signed in years.<a href="https://www.wionews.com/videos/india-eu-sign-free-trade-agreement-snub-trump-s-tariff-bluster-1769533568254/embed">https://www.wionews.com/videos/india-eu-sign-free-trade-agreement-snub-trump-s-tariff-bluster-1769533568254/embed</a><h2>What the deal includes</h2>Under the new pact, the EU will eliminate tariffs on 99 per cent of Indian exports by value over seven years. Duties on around 33 billion dollars worth of labour-intensive goods, including textiles, leather, footwear, gems and jewellery, will be scrapped as soon as the agreement comes into force.India, in return, will cut tariffs on 96.6 per cent of EU exports. Nearly one-third of those reductions will take effect immediately when the deal becomes operational in early 2027.

Trump’s top aide Scott Bessent criticised the EU over its new free trade deal with India, calling it “disappointing” and accusing Europe of putting commerce over principles.

US President Donald Trump's top aide on Wednesday (Jan 28) slammed the European Union for its newly signed "Mother of all deals" with India. US Treasury Secretary Scott Bessent said he was "very disappointed" with Europe and accused the bloc of putting commerce ahead of its political principles. His remarks came a day after India and the EU concluded what both sides described as a historic free trade agreement, one that European Commission President Ursula von der Leyen dubbed the "mother of all deals." Also read | Israel hopes to conclude free trade agreement with India this year, says Ambassador Azar Russian oil and alleged double standards In an interview with CNBC, Bessent claimed European countries had been buying refined products made in India using Russian oil supplies. He also alleged that the EU had refused to align with the US on higher tariffs for Indian goods because it was busy negotiating the trade pact. "They should do what's best for themselves," Bessent said. "But I will tell you, I found, I find the Europeans very disappointing". Also read | Sometimes people 'need a dictator’: Trump stuns Davos with sinister threat after Greenland rant He described the practice as Europe "funding the war against themselves," arguing that even as the continent bears the brunt of the conflict, it has continued to prioritise trade relationships over tightening economic pressure on Russia. The comments underline growing frustration in Washington over Europe’s economic ties with both India and Russia. Last year, the US imposed an additional 25 per cent tariff on Indian imports, citing New Delhi’s continued purchases of Russian oil despite Western sanctions. Europe did not follow suit. Instead, it pushed ahead with negotiations that finally wrapped up this week, delivering one of the largest trade agreements the EU has signed in years. https://www.wionews.com/videos/india-eu-sign-free-trade-agreement-snub-trump-s-tariff-bluster-1769533568254/embed What the deal includes Under the new pact, the EU will eliminate tariffs on 99 per cent of Indian exports by value over seven years. Duties on around 33 billion dollars worth of labour-intensive goods, including textiles, leather, footwear, gems and jewellery, will be scrapped as soon as the agreement comes into force. India, in return, will cut tariffs on 96.6 per cent of EU exports. Nearly one-third of those reductions will take effect immediately when the deal becomes operational in early 2027.

Trump’s top aide Scott Bessent criticised the EU over its new free trade deal with India, calling it “disappointing” and accusing Europe of putting commerce over principles.

‘Very disappointing’: Trump’s top aide attacks EU over ‘Mother of all deals’ with India, says Europe 'funding the war against themselves'

US Treasury Secretary Scott Bessent, in a Fox News show “Hannity”, claimed that Canadian Prime Minister Mark Carney was "very aggressively walking back” on some of the comments he made in the World Economic Forum in Davos, Switzerland, during his call with US President Donald Trump. The speech of Carney at Davos last week claimed that the rule-based order was partially false, and urged nations to accept the end of rule based order. His speech received a rare standing ovation at Davos.&nbsp;"I was in ​the ⁠Oval with the President today. He spoke to Prime Minister Carney, ‌who was very ‌aggressively walking back some of the ‍unfortunate remarks he made at Davos," said Mr Bessent.&nbsp;US Treasury Secretary Scott Bessent has further accused Canadian Prime Minister Mark Carney of pushing his globalist agenda. Carney was urging “middle-powers” to work together to push back against US hegemony: "middle powers must act together because if you are not at the table, you are on the menu."&nbsp;Also Read: <a href="https://www.wionews.com/world/mark-carney-world-order-rupture-multipolarity-1768985878364">Carney says 'we are in the midst of a rupture not transition' at WEF</a>

<blockquote class="twitter-tweet" data-media-max-width="560">🚨 HOLY SMOKES. Sec. Scott Bessent just EVISCERATED Canadian PM Mark Carney for being a raging globalist! 🔥 “Canada depends on the US, and the prime minister should do best for the Canadian people, rather than try to PUSH his own GLOBALIST AGENDA!” 💯 <a href="https://t.co/2twoKulj0A">pic.twitter.com/2twoKulj0A</a>&mdash; TeamCharlieKirk (@TeamCharliekirk) <a href="https://twitter.com/TeamCharliekirk/status/2016026533295493245?ref_src=twsrc%5Etfw">January 27, 2026</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Trump was critical of that speech, and after the speech, he revoked the invitation for the Board of Peace to Canadian President Mark Carney. "Of course, Canada depends on the US," said Bessent in the interview. He further added that it would be a disaster for Canada if President Trump added further tariffs on Canadian goods.&nbsp;“Canada depends on the US, and the prime minister should do best for the Canadian people, rather than try to PUSH his own GLOBALIST AGENDA!” said Bessent.&nbsp;Trump threatened in the past week to impose a 100 per cent Tariff on Canada if it went ahead with a trade deal with Beijing. Carney said that Mr Trump's threats should be seen as pre-positioning ahead of the renewal of the free trade pact between the two large trading partners. They are set to review the US-Mexico-Canada trade agreement this year.“The president is a strong negotiator, and some of these comments and positioning should be viewed in the broader context of that," said Carney. Carney had a good relationship with Trump before becoming Prime Minister of Canada; he still holds $6.8 million in Brookfield's financial interests. Brookfield is a Canadian investment firm that bailed out Jared Kushner's family from defaulting on $1.2 billion in mortgage payments during Trump's first term in office.&nbsp;&nbsp;

US Treasury Secretary Scott Bessent claims Canadian PM Mark Carney is "aggressively walking back" his Davos 2026 comments following trade threats from Donald Trump

US Treasury Secretary Scott Bessent, in a Fox News show “Hannity”, claimed that Canadian Prime Minister Mark Carney was "very aggressively walking back” on some of the comments he made in the World Economic Forum in Davos, Switzerland, during his call with US President Donald Trump. The speech of Carney at Davos last week claimed that the rule-based order was partially false, and urged nations to accept the end of rule based order. His speech received a rare standing ovation at Davos. "I was in the ⁠Oval with the President today. He spoke to Prime Minister Carney, ‌who was very ‌aggressively walking back some of the ‍unfortunate remarks he made at Davos," said Mr Bessent. US Treasury Secretary Scott Bessent has further accused Canadian Prime Minister Mark Carney of pushing his globalist agenda. Carney was urging “middle-powers” to work together to push back against US hegemony: "middle powers must act together because if you are not at the table, you are on the menu." Also Read: Carney says 'we are in the midst of a rupture not transition' at WEF

US Treasury Secretary Scott Bessent claims Canadian PM Mark Carney is "aggressively walking back" his Davos 2026 comments following trade threats from Donald Trump

Scott Bessent accuses Mark Carney of 'Globalist agenda' after Davos speech

President Donald Trump’s key aide and US Treasury Secretary Scott Bessent hinted at Davos that the additional 25% tariffs on India might be removed after India’s purchases of Russian oil have significantly dropped, calling the tariff imposed by the US a ‘huge success’. Bessent made the remarks during a conversation with Politico. He said that Indian refinery purchases of Russian oil have “collapsed” due to US tariffs, hinting that a diplomatic “path” exists to remove the tariffs, provided India shifts its energy sourcing, and asserted that these trade measures provide tangible benefits to the American economy.&nbsp;“We put a 25 per cent tariff on India for buying Russian oil, and the Indian purchases by their refineries of Russian oil have collapsed. So that is a success. The tariffs are still on. I would imagine there is a path to take them off, so that’s a check and a huge success,” Bessent told Politico.&nbsp;&nbsp;

<blockquote class="twitter-tweet">Breaking: US Treasury Secretary says 25% tariff penalty on India could be removed &quot;Our 25% tariff on India has been a huge success. Indian purchases of Russian oil have collapsed. The tariffs are still on. I would imagine there is a path to take them off now&quot; <a href="https://t.co/o2GHLnSCjT">pic.twitter.com/o2GHLnSCjT</a>&mdash; Shashank Mattoo (@MattooShashank) <a href="https://twitter.com/MattooShashank/status/2014911139260342680?ref_src=twsrc%5Etfw">January 24, 2026</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

&nbsp;Also Read: <a href="https://www.wionews.com/world/us-wooing-bangladesh-s-islamist-party-jamaat-e-islami-ahead-of-elections-report-1769196745350">US wooing Bangladesh’s Islamist party Jamaat-e-Islami ahead of elections: Report</a><h2>‘European countries are financing the war against themselves’</h2>&nbsp;Bessent also criticised European countries for buying refined Russian oil from India. “They are financing the war against themselves,” he said, labelling their trade behaviour an “act of irony and stupidity.”He argued that by purchasing refined petroleum products from India (made from Russian crude), Europe is indirectly financing Russia’s war effort.&nbsp;“Just to be clear, let’s understand what’s happening. Before the Ukraine invasion, approximately 2-3 per cent of Indian oil that went into its refineries came from Russia. The oil was sanctioned. It got deeply discounted and moved up into the high teens—17, 18, 19% was being refined. Huge pro, huge profits from the refiners. But in the ultimate act of irony and stupidity, guess who was buying the refined products from the Indian refineries made from Russian oil? The Europeans. They are financing the war against themselves. They are financing the Russians,” Bessent told Politico.&nbsp;Also Read: <a href="https://www.wionews.com/world/-trump-s-remarks-about-nato-troops-in-afghanistan-insulting-and-appalling-says-starmer-seeks-apology-1769189388382">Trump’s remarks about Nato troops in Afghanistan insulting and appalling,’ says Starmer, seeks apology</a><h2>‘EU ‘virtue signalling’ to protect upcoming EU-India FTA’</h2>&nbsp;Bessent further said that the EU is ‘virtue signalling’ by avoiding similar tariffs on India to protect the upcoming EU-India Free Trade Agreement (FTA). “I will also point out that our virtue signalling European allies refused to do it because they wanted to sign this big trade deal with India,” he added.&nbsp;The EU and India are set to discuss a comprehensive strategic agenda, with a Free Trade Agreement in the works, described as "the mother of all deals" by European Commission President Ursula von der Leyen, a historic agreement covering a market of 2 billion people and 25% of global GDP.&nbsp;Also Read: <a href="https://www.wionews.com/world/ai-tsunami-will-hit-job-market-young-and-middle-class-will-suffer-most-imf-chief-1769181642148">AI ‘tsunami’ will hit job market, young and middle class will suffer most: IMF chief</a>&nbsp;The European Union and India will hold the 16th summit in New Delhi, where a new EU-India comprehensive strategic agenda is expected to be adopted. EU chief Ursula von der Leyen is scheduled to visit New Delhi next weekend to finalise the deal, signalling that Europe views India as an indispensable economic partner.“There is still work to do. But we are on the cusp of a historic trade agreement. Some call it the mother of all deals. One that would create a market of 2 billion people, accounting for almost a quarter of global GDP,” von der Leyen said at the World Economic Forum in Davos.&nbsp;Also Read: <a href="https://www.wionews.com/world/davos-2026-zelensky-says-europe-needs-to-protect-itself-take-action-to-become-global-force-1769091116500">‘Europe needs to protect itself, take action to become global force,’ says Zelensky at Davos</a>&nbsp;In January, Trump gave a green light to the bipartisan Russia Sanctions Bill, which would give leverage against India, China, and Brazil to stop them from purchasing Russian oil and punish the countries “fuelling Putin’s war machine”.

US Secretary of the Treasury Scott Bessent also criticised European countries for buying refined Russian oil from India and labelled their trade behaviour an “act of irony and stupidity.” Bessent said that the European countries are financing the war against themselves by doing so.

President Donald Trump’s key aide and US Treasury Secretary Scott Bessent hinted at Davos that the additional 25% tariffs on India might be removed after India’s purchases of Russian oil have significantly dropped, calling the tariff imposed by the US a ‘huge success’. Bessent made the remarks during a conversation with Politico. He said that Indian refinery purchases of Russian oil have “collapsed” due to US tariffs, hinting that a diplomatic “path” exists to remove the tariffs, provided India shifts its energy sourcing, and asserted that these trade measures provide tangible benefits to the American economy. “We put a 25 per cent tariff on India for buying Russian oil, and the Indian purchases by their refineries of Russian oil have collapsed. So that is a success. The tariffs are still on. I would imagine there is a path to take them off, so that’s a check and a huge success,” Bessent told Politico.

US Secretary of the Treasury Scott Bessent also criticised European countries for buying refined Russian oil from India and labelled their trade behaviour an “act of irony and stupidity.” Bessent said that the European countries are financing the war against themselves by doing so.

Trump aide Scott Bessent hints at US removing 25% tariffs on India over Russian oil purchase

US Treasury Secretary Scott Bessent on Tuesday said that Europe dumping all US debt is a highly unlikely case, a situation which will assure mutual destruction. He called it a "false narrative" and asserted that the US Treasury market is “the best-performing market in the world” and described it the the most “liquid” debt market globally. He added that Europeans investors are expected to hold on to the exposure, instead of dumping in mass.&nbsp;This comes after US President Donald Trump threatened to raise a 10 per cent tariff on the European nations over Greenland. This has angered the European allies of the US, and they are seeking countermeasures.&nbsp;“There's a completely false narrative there,” said Bessent, "I think everyone needs to take a deep breath. Do not listen to the media, who are hysterical."&nbsp;"Europeans hold roughly $10 trillion in US assets: around $6 trillion in US equities and roughly $4 trillion in Treasuries and other bonds," said Ipek Ozkardeskaya, senior analyst at Swissquote. Selling those assets would trigger a recession. Moreover US also holds a bulk of European debts, approximately $1.2 trillion. Japan holds roughly $1.2 trillion, and China holds $682.6 billion of US debt.

<blockquote class="twitter-tweet" data-media-max-width="560">Denmark is &quot;irrelevant,&quot; US Treasury Secretary Scott Bessent tells reporters at Davos, as tensions over Greenland keep mounting <a href="https://t.co/erpVYJFF81">https://t.co/erpVYJFF81</a> <a href="https://t.co/xgMYAI3za7">pic.twitter.com/xgMYAI3za7</a>&mdash; Bloomberg (@business) <a href="https://twitter.com/business/status/2013910689060933817?ref_src=twsrc%5Etfw">January 21, 2026</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

"This notion that Europeans would be selling US assets came from a single analyst at Deutsche Bank,” Bessent said at WEF26 in Davos. “The CEO of Deutsche Bank called to say that Deutsche Bank does not stand by that analyst report.”The process of weaponisation of US assets by aggressive selling off seems highly unlikely for multiple reasons. First, being that most of these stocks and treasury bonds are held by private firms, could not be controlled by the government. Moreover, such a coordinated dump would assure mutual destruction. However, such “weaponisation of capital” is becoming a risk for the markets in the long term, eventhough not right away, with evolving US postures. A strategic move would be to gradually reduce reliance on US assets, which China has done successfully since 2013, a significant drop from its peak of over $1.3 trillion to $682.6 billion. India is also strategically diversifying its foreign reserves; it reduced 21 per cent in 2025 to a total holding of $190.7 billion in October 2025.&nbsp;Concerns have mounted "over the Trump administration's confrontational stance toward global counterparts, which could potentially dampen appetite for US assets", said a money manager, Patrick Munnelly, a money manager at the Tickmill group, as quoted by France 24.&nbsp;&nbsp;

US Treasury Secretary Scott Bessent dismisses claims that Europe could dump US debt, calling it a false narrative amid tariff tensions.

US Treasury Secretary Scott Bessent on Tuesday said that Europe dumping all US debt is a highly unlikely case, a situation which will assure mutual destruction. He called it a "false narrative" and asserted that the US Treasury market is “the best-performing market in the world” and described it the the most “liquid” debt market globally. He added that Europeans investors are expected to hold on to the exposure, instead of dumping in mass. This comes after US President Donald Trump threatened to raise a 10 per cent tariff on the European nations over Greenland. This has angered the European allies of the US, and they are seeking countermeasures. “There's a completely false narrative there,” said Bessent, "I think everyone needs to take a deep breath. Do not listen to the media, who are hysterical." "Europeans hold roughly $10 trillion in US assets: around $6 trillion in US equities and roughly $4 trillion in Treasuries and other bonds," said Ipek Ozkardeskaya, senior analyst at Swissquote. Selling those assets would trigger a recession. Moreover US also holds a bulk of European debts, approximately $1.2 trillion. Japan holds roughly $1.2 trillion, and China holds $682.6 billion of US debt.

US Treasury Secretary Scott Bessent dismisses claims that Europe could dump US debt, calling it a false narrative amid tariff tensions.

Bessent calls Europe dumping US debt a 'false narrative' would 'defy logic'

The Trump administration is digging into whether any Minnesota tax money was funnelled to al Shabaab, a Somalia-based militant group which the US designates as a foreign terrorist organisation, said Treasury Secretary Scott Bessent, said Monday. On X, Bessent said that the inquiry is tied to what he called the "feckless mismanagement" of the Biden administration and Minnesota Governor Tim Walz.<h2>Walz, Biden and al-Shabaab</h2>In a X post, Bessent said that the US treasury was "investigating allegations that under the feckless mismanagement of the Biden Administration and Governor Tim Walz, hardworking Minnesotans' tax dollars may have been diverted to the terrorist organisation Al-Shabaab." He flagged a report from the conservative outlet City Journal that cited unnamed law enforcement officials and alleged that millions stolen from state welfare programs may have "ultimately landed in the hands of the terror group Al-Shabaab". That report prompted several Republican lawmakers, including Minnesota Rep. Tom Emmer, to urge federal prosecutors to investigate.

<blockquote class="twitter-tweet">At my direction, <a href="https://twitter.com/USTreasury?ref_src=twsrc%5Etfw">@USTreasury</a> is investigating allegations that under the feckless mismanagement of the Biden Administration and Governor Tim Walz, hardworking Minnesotans’ tax dollars may have been diverted to the terrorist organization Al-Shabaab. Thanks to the leadership of… <a href="https://t.co/uillMknuXL">https://t.co/uillMknuXL</a>&mdash; Treasury Secretary Scott Bessent (@SecScottBessent) <a href="https://twitter.com/SecScottBessent/status/1995615377284628908?ref_src=twsrc%5Etfw">December 1, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Walz's office, meanwhile, pointed to the governor's recent comments that he welcomes a full review into where the defrauded welfare money went and vowed to cooperate with federal authorities and investigators.Also read | <a href="https://www.wionews.com/world/maduro-lashes-out-at-washington-s-slave-s-peace-as-trump-meets-security-chiefs-on-venezuela-1764638490172">Maduro lashes out at Washington’s 'slave’s peace' as Trump meets security chiefs on Venezuela</a><h2>What fraud?</h2>According to CBS, Minnesota has been dealing with a series of major fraud scandals linked to public assistance programs, most notably the massive Feeding Our Future case. Prosecutors say dozens of figures stole $250 million in federal nutrition aid under the guise of helping distribute meals during the COVID-19 pandemic. Fraud charges have also been brought in housing and autism-related programs.Many of the defendants in these cases come from Minnesota’s large Somali community, a fact that has fuelled political attacks. Kayseh Magan, a former investigator in the state attorney general’s office, wrote last year that while some scammers came from within the community, many community members were also victims of the schemes.Also read | <a href="https://www.wionews.com/world/luigi-mangione-held-under-constant-watch-guard-tells-court-officials-were-trying-to-avoid-an-epstein-style-scandal-1764653923243">Luigi Mangione held under constant watch? Guard tells court officials were trying to avoid an 'Epstein-style' scandal</a>Trump has repeatedly targeted Somali immigrants in the state. He recently claimed Minnesota had become a "hub of fraudulent money laundering activity," and announced an end to temporary deportation protections for Somali nationals. He went further last week, accusing "hundreds of thousands of Somalians are ripping off our country and ripping apart that once great state", but without offering any evidence.Walz and other Democrats have pushed back, warning against blanket attacks on Minnesota’s Somali population. Walz told reporters last month ""Do not paint an entire group of people with that same brush, demonizing them, putting them at risk, when there is no proof of that." &nbsp;

Treasury Secretary Scott Bessent says the US is probing claims that Minnesota tax money stolen in welfare fraud may have reached al Shabaab. He blamed Biden and Gov. Tim Walz. 

The Trump administration is digging into whether any Minnesota tax money was funnelled to al Shabaab, a Somalia-based militant group which the US designates as a foreign terrorist organisation, said Treasury Secretary Scott Bessent, said Monday. On X, Bessent said that the inquiry is tied to what he called the "feckless mismanagement" of the Biden administration and Minnesota Governor Tim Walz. Walz, Biden and al-Shabaab In a X post, Bessent said that the US treasury was "investigating allegations that under the feckless mismanagement of the Biden Administration and Governor Tim Walz, hardworking Minnesotans' tax dollars may have been diverted to the terrorist organisation Al-Shabaab." He flagged a report from the conservative outlet City Journal that cited unnamed law enforcement officials and alleged that millions stolen from state welfare programs may have "ultimately landed in the hands of the terror group Al-Shabaab". That report prompted several Republican lawmakers, including Minnesota Rep. Tom Emmer, to urge federal prosecutors to investigate.

Treasury Secretary Scott Bessent says the US is probing claims that Minnesota tax money stolen in welfare fraud may have reached al-Shabaab. He blamed Biden and Gov. Tim Walz.&nbsp;

Did stolen Minnesota welfare funds funnelled to terror group al Shabaab? Trump administration probes explosive claim

US President Donald Trump publicly threatened to fire Treasury Secretary Scott Bessent, while Bessent was sitting right in front of him, as the whole room burst into laughter. Trump had been pushing for a rate cut for months now. “Interest rates are down despite the Fed. I mean, Scott, you gotta work on this guy. He’s got some real mental problems. He has something wrong with him,” said Trump. Trump also attacked Federal Reserve Chair Jerome Powell for months over the interest rate policy.&nbsp;“I’ll be honest, I’d love to fire his ass. He should be fired. Guy’s grossly incompetent. And he should be sued for spending $4 billion to build a little building. I’m building a ballroom that’s gonna cost a tiny fraction of that," said Trump, referring to Jerome Powell, at the Kennedy Centre on November 19, while addressing the US-Saudi investment forum.

<blockquote class="twitter-tweet" data-media-max-width="560">Trump on Jerome Powell: &quot;I&#39;d love to fire his ass. He should be fired. The only thing Scott [Bessent] is blowing it on is the Fed. The rates are too high, Scott. And if you don&#39;t get it fixed fast, I&#39;m going to fire your ass.&quot; <a href="https://t.co/s653VB3MI1">pic.twitter.com/s653VB3MI1</a>&mdash; Aaron Rupar (@atrupar) <a href="https://twitter.com/atrupar/status/1991202124135330094?ref_src=twsrc%5Etfw">November 19, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

<h2>US economy outlook</h2>Trump had been boasting about the US economy, claiming that it's the 'hottest and the best' at the same time, but he is undermining his own staff and pressing for a rate cut. California Governor Gavin Newsom's office posted, “Translation: the economy isn’t bad enough, let’s speedrun a recession!”Fed officials claim that their decisions are guided by economic figures, with dual goals of stable prices and full employment. However, the feds have delivered two rate cuts in two consecutive months in September and October, bringing the benchmark to its lowest in three years. Inflation remains above the 2 per cent target, and tariffs are expected to push it further higher.&nbsp;

Trump publicly threatened to fire Treasury Secretary Scott Bessent and attacked Fed Chair Jerome Powell as the US economy sees back-to-back rate cuts and rising inflation.

US President Donald Trump publicly threatened to fire Treasury Secretary Scott Bessent, while Bessent was sitting right in front of him, as the whole room burst into laughter. Trump had been pushing for a rate cut for months now. “Interest rates are down despite the Fed. I mean, Scott, you gotta work on this guy. He’s got some real mental problems. He has something wrong with him,” said Trump. Trump also attacked Federal Reserve Chair Jerome Powell for months over the interest rate policy. “I’ll be honest, I’d love to fire his ass. He should be fired. Guy’s grossly incompetent. And he should be sued for spending $4 billion to build a little building. I’m building a ballroom that’s gonna cost a tiny fraction of that," said Trump, referring to Jerome Powell, at the Kennedy Centre on November 19, while addressing the US-Saudi investment forum.

Trump publicly threatened to fire Treasury Secretary Scott Bessent and attacked Fed Chair Jerome Powell as the US economy sees back-to-back rate cuts and rising inflation.

'I wanna get him out, Scott!': Trump publicly jokes about firing Scott Bessent and Jerome Powell

US Treasury Secretary Scott Bessent offered clarification on President Donald Trump's recent remarks regarding the H-1B visa reforms, indicating a more balanced stance by the administration. He explained that the vision of Trump is to leverage “skilled foreign talent” to help train American workers before they return to their home countries.&nbsp;In an interview with Fox News on Wednesday (local time), Bessent labelled Trump's approach a "home run", saying that it aligns with the president's goal of bringing industries such as semiconductors back to the US without disrupting long-term employment goals of the nation.&nbsp;He further noted that, although the administration prioritises American jobs, it acknowledges the short-term need for foreign expertise in critical sectors like defence, shipbuilding, and semiconductors. "For 20, 30 years, we have offshored precision manufacturing jobs. And the President's point here is we can't snap our fingers and say 'you're going to learn how to build ships overnight.' We want to bring the semiconductor industry back to the US," Fox News quoted Bessent as saying.&nbsp;"The President's vision here is to bring in overseas workers, who have the skills, for three, five, or seven years to train the US workers; then they can go home, and the US workers fully take over," he added.<h3>Trump softens his stance on H-1B visa</h3>The statements of Bessent followed a day after Trump's interview with Fox News host Laura Ingraham on Tuesday, where the President seemed to have softened his decision on his aggressive approach of the administration that pushes reforms in the H-1B visa. He also acknowledged the need to import specialised foreign talent to fill critical roles in the American workforce.&nbsp;Defending the value of skilled immigrant workers, Trump argued during the interview that the US cannot simply repurpose long-term unemployed Americans for mixed and complex roles in manufacturing and defence sectors without any extensive training.

Scott Bessent called Trump's approach a "home run", saying that it aligns with the president's goal of bringing industries such as semiconductors back to the US without disrupting long-term employment goals of the nation.

US Treasury Secretary Scott Bessent offered clarification on President Donald Trump's recent remarks regarding the H-1B visa reforms, indicating a more balanced stance by the administration. He explained that the vision of Trump is to leverage “skilled foreign talent” to help train American workers before they return to their home countries. In an interview with Fox News on Wednesday (local time), Bessent labelled Trump's approach a "home run", saying that it aligns with the president's goal of bringing industries such as semiconductors back to the US without disrupting long-term employment goals of the nation. He further noted that, although the administration prioritises American jobs, it acknowledges the short-term need for foreign expertise in critical sectors like defence, shipbuilding, and semiconductors. "For 20, 30 years, we have offshored precision manufacturing jobs. And the President's point here is we can't snap our fingers and say 'you're going to learn how to build ships overnight.' We want to bring the semiconductor industry back to the US," Fox News quoted Bessent as saying. "The President's vision here is to bring in overseas workers, who have the skills, for three, five, or seven years to train the US workers; then they can go home, and the US workers fully take over," he added. Trump softens his stance on H-1B visa The statements of Bessent followed a day after Trump's interview with Fox News host Laura Ingraham on Tuesday, where the President seemed to have softened his decision on his aggressive approach of the administration that pushes reforms in the H-1B visa. He also acknowledged the need to import specialised foreign talent to fill critical roles in the American workforce. Defending the value of skilled immigrant workers, Trump argued during the interview that the US cannot simply repurpose long-term unemployed Americans for mixed and complex roles in manufacturing and defence sectors without any extensive training.

Scott Bessent called Trump's approach a "home run", saying that it aligns with the president's goal of bringing industries such as semiconductors back to the US without disrupting long-term employment goals of the nation.

'Train us and then go home': US Treasury Secretary Scott Bessent explains Trump’s new take on H-1B visa

President Donald Trump said on Tuesday that Treasury Secretary Scott Bessent is no longer being considered as a replacement for Jerome Powell as Federal Reserve Chair and he has narrowed the field of potential future Federal Reserve chairs to four candidates. Trump did not disclose who all are in contention, but revealed that Bessent, who previously considered a leading candidate, has himself opted out of contention.“Well, I love Scott, but he wants to stay where he is,” Trump told CNBC during a ‘Squawk Box’ interview. “I asked him just last night, ‘Is this something you want?’ [Bessent said], ’Nope, I want to stay where I am. He actually said, ‘I want to work with you.’ It’s such an honour. I said, ‘That’s very nice. I appreciate that’.”&nbsp;Trump has been critical of Powell because the Fed hasn’t lowered interest rates and refers to Powell as “too late,” “a numbskull,” and “a complete moron.”&nbsp;&nbsp;In a surprise announcement, Fed Governor Adriana Kugler announced that she is resigning effective this Friday. The development ensures Trump can install another of his appointees to the Fed Board of Governors at a time when the White House is aggressively pushing the central bank to lower interest rates.&nbsp;<h2>‘Both Kevins are very good’: Trump</h2>&nbsp;Among the likely candidates in the fray are former Governor Kevin Warsh and Kevin Hassett, the National Economic Council director and a key Trump adviser. Both have advocated for lower rates. Fed Governor Christopher Waller is also thought to be in the running.“Both Kevins are very good, and there are other people that are very good, too,” Trump said, adding that Kugler’s resignation “was a pleasant surprise.”&nbsp;<h2>Fed Chair Jerome Powell frequent target of Trump’s criticism</h2>&nbsp;Current Chair Jerome Powell, whose term ends in May 2026, has been a frequent target of Trump’s criticism, and there has been speculation that the president would name a “shadow chair” who could help undermine Powell until his term expires. Trump did not commit to taking that approach but conceded that it is “a possibility.”Trump nominated Powell for the Fed job in 2017, during his first term as president. The Senate then confirmed Powell the following February. Trump alleged Tuesday that Powell told him, “Sir, I’ll keep interest rates so low. I’m a low interest rate person.”&nbsp;Last week, the Fed voted to hold its benchmark interest rate steady in a range between 4.25%-4.5% even as markets expect it to approve its next cut in September. The central bank lowered its policy rate a full percentage point from September through December 2024, moves that Trump has said were politically motivated to help Democratic presidential nominee Kamala Harris.&nbsp;Trump’s constant criticism of the Fed and support for significantly lower rates have raised concerns about political interference in the central bank’s decision-making.Trump believes lower rates may give a boost from voters who cannot afford mortgages and other loans now, but it could hurt the economy if it leads to higher inflation.

Donald Trump’s constant criticism of the Fed and his support for significantly lower rates have raised concerns about political interference in the central bank’s decision-making. Trump believes lower rates may give a boost from voters who cannot afford mortgages and other loans now.

President Donald Trump said on Tuesday that Treasury Secretary Scott Bessent is no longer being considered as a replacement for Jerome Powell as Federal Reserve Chair and he has narrowed the field of potential future Federal Reserve chairs to four candidates. Trump did not disclose who all are in contention, but revealed that Bessent, who previously considered a leading candidate, has himself opted out of contention. “Well, I love Scott, but he wants to stay where he is,” Trump told CNBC during a ‘Squawk Box’ interview. “I asked him just last night, ‘Is this something you want?’ [Bessent said], ’Nope, I want to stay where I am. He actually said, ‘I want to work with you.’ It’s such an honour. I said, ‘That’s very nice. I appreciate that’.” Trump has been critical of Powell because the Fed hasn’t lowered interest rates and refers to Powell as “too late,” “a numbskull,” and “a complete moron.” In a surprise announcement, Fed Governor Adriana Kugler announced that she is resigning effective this Friday. The development ensures Trump can install another of his appointees to the Fed Board of Governors at a time when the White House is aggressively pushing the central bank to lower interest rates. ‘Both Kevins are very good’: Trump Among the likely candidates in the fray are former Governor Kevin Warsh and Kevin Hassett, the National Economic Council director and a key Trump adviser. Both have advocated for lower rates. Fed Governor Christopher Waller is also thought to be in the running. “Both Kevins are very good, and there are other people that are very good, too,” Trump said, adding that Kugler’s resignation “was a pleasant surprise.” Fed Chair Jerome Powell frequent target of Trump’s criticism Current Chair Jerome Powell, whose term ends in May 2026, has been a frequent target of Trump’s criticism, and there has been speculation that the president would name a “shadow chair” who could help undermine Powell until his term expires. Trump did not commit to taking that approach but conceded that it is “a possibility.” Trump nominated Powell for the Fed job in 2017, during his first term as president. The Senate then confirmed Powell the following February. Trump alleged Tuesday that Powell told him, “Sir, I’ll keep interest rates so low. I’m a low interest rate person.” Last week, the Fed voted to hold its benchmark interest rate steady in a range between 4.25%-4.5% even as markets expect it to approve its next cut in September. The central bank lowered its policy rate a full percentage point from September through December 2024, moves that Trump has said were politically motivated to help Democratic presidential nominee Kamala Harris. Trump’s constant criticism of the Fed and support for significantly lower rates have raised concerns about political interference in the central bank’s decision-making. Trump believes lower rates may give a boost from voters who cannot afford mortgages and other loans now, but it could hurt the economy if it leads to higher inflation.

Donald Trump’s constant criticism of the Fed and his support for significantly lower rates have raised concerns about political interference in the central bank’s decision-making. Trump believes lower rates may give a boost from voters who cannot afford mortgages and other loans now.

Trump says Treasury Secretary Bessent ‘opted out’ of Fed chair race, 4 others in contention

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