Bessent: Iran in 'death throes,' US allies will support efforts to economically 'asphyxiate' IRGC

The operation has been met with "a great show of support," Bessent told reporters. "What I can tell you is many of our allies came forward and said we will do whatever is necessary."

Allies of the US will support the country's efforts to "economically asphyxiate" Iran, US Treasury Secretary Scott Bessent announced on Tuesday morning.

Iran is in "economic death throes," and will soon be ready to make a deal with the US, he added.

Speaking at the conclusion of the G20 meeting, Bessent explained that he used the opportunity to push allies to join the American effort to completely isolate Iran's economy through Operation Economic Outcast.

The operation has been met with "a great show of support," Bessent told reporters. "What I can tell you is many of our allies came forward and said we will do whatever is necessary."

He didn't provide further details as to what the support would look like.

Chinese cooperation on Operation Economic Outcast

The treasury secretary said that conversations with Chinese officials had been "productive." He emphasized that the US and China agree on more than they disagree on with regards to Iran, adding that both wish to prevent Iran for obtaining a nuclear weapon.

Bessent said that discussions with Chinese officials were "intentionally quiet."

Although both parties want free trade to resume in the Starit of Hormuz, Bessent made it clear that they had not yet reached a specific agreement regarding the strait.

He also emphasized that the US doesn't need Chinese support for Operation Economic Outcast to succeed, telling reporters that the US will block Iran from converting Chinese yuan into USD.

"When that money cannot be converted to dollars, then the Iranian regime will starve."