In a move to intensify economic pressure on Tehran, Treasury Secretary Steven Mnuchin unveiled new sanctions against Iran on Monday, warning foreign nations conducting business with the Islamic Republic to sever financial ties or face repercussions from Washington. President Donald Trump's previous threat of an "economic D-Day" against Iran now appears as a series of warnings to isolate Iran from the global economy. Mnuchin emphasized that countries should have time to disengage from Iran before facing U.S. sanctions, expressing concern about disrupting the global financial system. The Trump administration's six-month standoff with an increasingly recalcitrant Iran has led to a shift in strategy from military engagement to economic warfare, although Defense Secretary Mark Esper did not rule out resuming strikes during a lull in hostilities. The announcement of new sanctions aims to exert additional pressure on an already struggling Iranian economy, previously penalized and subjected to a U.S. naval blockade. However, the announcement provided little detail about which countries could face secondary sanctions, with China, Turkey, and the United Arab Emirates being Iran's largest trade partners. Mnuchin stated that the U.S. is communicating expectations to nations involved in Iranian commerce and will hold them accountable if they continue their interactions with Tehran. Dubbing the campaign "Operation Economic Outcast," Mnuchin said Trump has been making requests to world leaders to cease business with Iran, citing the UAE's recent decision to suspend all trade, commercial exchanges, and financial transactions with Iran as an example of successful pressure tactics. Iranian parliamentary Speaker Mohammad Bagher Qalibaf has dismissed U.S. threats, stating that Iran's trading partners are unwilling to comply with American demands. Mnuchin indicated that the U.S. would not spare any nation from sanctions, even if a trade truce is in place between the world's two largest economies, China and the U.S. The Treasury Department imposed sanctions on nearly 60 Iran-linked entities, accusing them of roles in Iran's nuclear and missile programs, cyber activities, and oil shipments. The rial, Iran's currency, hit a record low hours before Mnuchin's announcement, with the market rate exceeding the official Central Bank rate as daily staples become increasingly unaffordable for most Iranians.