Donald Trump is once again increasing pressure on Iran, this time on the economic front, announcing an unprecedented campaign of pressure against Tehran while warning countries that continue to cooperate with it.

The U.S. president has described the next phase of measures against Iran as an “economic D-Day,” warning that Washington will target not only the Iranian economy but also those providing economic or commercial support to the Tehran regime.

According to Reuters, the White House’s new strategy comes as the Middle East crisis remains highly volatile, with sanctions, energy and security in the Persian Gulf at the center of attention.

Trump’s new campaign of economic pressure against Iran is not aimed only at Tehran but opens a broader front with countries that continue to maintain significant trade and energy relations with the Islamic Republic.

Washington is warning that countries continuing to support Iran economically could face consequences, as it seeks to restrict oil exports and revenues flowing into the Iranian economy.

At the center of U.S. pressure are primarily China, Turkey and Iraq — three countries that, for different reasons, are major economic partners of Tehran.

China: Iran’s largest oil buyer

The biggest obstacle to the U.S. strategy is Beijing. China remains the most important buyer of Iranian oil, absorbing a large share of Tehran’s exports.

According to Reuters, China imported approximately 1.38 million barrels of oil per day from Iran in 2025, using complex commercial and financial networks that make it difficult to enforce U.S. sanctions.

The Trump administration has already warned that continued trade could trigger new measures against Chinese companies and banks facilitating transactions with Tehran.

However, a direct confrontation with Beijing carries risks for Washington, as it could turn the Iran crisis into another flashpoint in U.S.-China tensions.

United Arab Emirates: A crucial economic channel

The United Arab Emirates have historically been one of Iran’s most important economic gateways, with Dubai-based banks maintaining significant deposits linked to Iranian interests for years, many of which have now been frozen because of U.S. sanctions.

In 2024, the UAE accounted for approximately 30% of Iran’s imports, worth a total of $21 billion, according to the latest World Trade Organization data. At the same time, the UAE accounted for 13% of Iranian exports.

Non-oil trade between the two countries reached $6.6 billion in 2024, with the overwhelming majority involving re-exports.

However, this relationship is now under severe strain. This week, the UAE suspended all financial and economic transactions with Iran until further notice, citing the military escalation by Tehran and the threat of missile attacks.

Turkey: Billions in trade with Tehran

Turkey is another critical link in Iran’s economic chain.

The two countries maintain trade worth approximately $5 billion to $6 billion annually, with a significant portion of their cooperation involving energy.

Ankara has previously sought to balance its relations with Iran against pressure from the United States, avoiding full alignment with U.S. sanctions.

Trump’s new policy, however, increases pressure on the Turkish government, as Washington seeks to eliminate any economic “lifeline” to Tehran.

Iraq: Dependence on Iranian energy

Iraq is a particularly important case. Despite its close security ties with the United States, Baghdad remains economically connected to Iran.

Iraq purchases significant quantities of natural gas from Tehran to meet its energy needs, with the relevant transactions amounting to approximately $4 billion to $5 billion annually.

The imposition of tougher sanctions could create problems for Iraq’s energy system, which relies heavily on imports of Iranian gas.

Oman: The traditional mediator

Oman has maintained friendly relations with Iran for decades, dating back even before the 1979 Islamic Revolution. Muscat has frequently served as a mediator between Iran and other countries, including the United States.

Trade in goods between the two countries reached $1.5 billion in 2025 and $345 million during the first four months of 2026.

Long-standing trade relations with Pakistan

For Pakistan, any U.S. action against countries trading with or assisting Iran could represent a serious blow.

The two countries have committed to increasing bilateral trade to $10 billion. Following previous sanctions against Iran, official trade had almost come to a halt, but unofficial trade has brought the two sides’ exports and imports to approximately $4 billion, according to unofficial estimates.

The two countries have traded oil, wheat, rice, livestock and medicines through unofficial channels for years.

Trade with India has already fallen dramatically

Trade relations between India and Iran declined sharply in 2020, when Washington intensified sanctions against Tehran.

Bilateral trade fell by more than two-thirds, to approximately $4.8 billion in the 2019–20 financial year, from $17 billion the previous year.

It has declined further since then, reaching just $1.63 billion in the 2025/26 financial year. Indian exports, worth $1.3 billion, account for the bulk of the trade and mainly consist of grains, tea, coffee and spices.

Indian officials argue that these exports are carried out for humanitarian reasons and should be exempt from sanctions.

Armenia and Azerbaijan

Iran accounted for 3.6% of Armenia’s total trade in 2025, worth $768 million. During the first half of 2026, trade reached $371.4 million, an increase of 8.4%.

Approximately 20% of Armenia’s foreign trade passes through Iran. The two countries also operate a “gas-for-electricity” swap arrangement. Armenia uses Iranian natural gas to generate electricity, part of which is then returned to Iran.

In Azerbaijan, trade with Iran increased by 4.5% in the first half of 2026, reaching $312.6 million, compared with $299.1 million during the same period in 2025.

Imports from Iran increased by 1.5% to $297 million, while Azerbaijan’s exports to Iran increased 2.4-fold to $15.6 million.

Economic warfare as a new front

The Trump administration is seeking to shift pressure from the military arena to the economy, believing that isolating Tehran could limit its capabilities.

U.S. Treasury Secretary Scott Bessent has said that Washington is imposing the “toughest sanctions in history” against Iran and has called on allies and partners to support the U.S. effort.

The major question now is whether sanctions can actually bring Iran’s economy to its knees, or whether they will lead to a new geopolitical confrontation, with China, Turkey and Iraq forced to choose sides.