Watch live: Bessent unveils ‘economic D-day’ sanctions on Iran

Treasury Secretary Scott Bessent on Monday afternoon will unveil new sanctions on Iran, escalating the Trump administration’s pressure on the Islamic Republic to negotiate a deal to end the conflict and fully reopen the Strait of Hormuz.

President Trump warned last week that Iran would face an “ economic D-day ” if it does not agree to a deal. Bessent said the goal is to sever Tehran’s remaining economic lifelines and hit potential allies of the regime as the war nears the six-month mark.

Iranian Foreign Minister Seyed Abbas Araghchi has dismissed the effort , arguing it would bring “further defeat” for the U.S.

The press conference is scheduled to begin at 1 p.m. EDT.