In a move aimed at intensifying the global economic squeeze on Iran, Treasury Secretary Steven Mnuchin announced fresh sanctions against Iranian entities on Monday. The Trump administration has warned nations conducting business with the Islamic Republic to sever their financial ties or face potential U.S. retaliation. This development comes as President Donald Trump's earlier pledge of an "economic D-Day" against Tehran takes shape, marking new warnings for countries to distance themselves from Iran's economy. The U.S., nearly six months into a contentious conflict with Iran, has been grappling to find a solution and is increasingly resorting to economic warfare. Despite the lack of clarity on which countries could face secondary sanctions, Mnuchin emphasized that the U.S. is communicating its expectations to all nations involved in Iran's economy. China, Turkey, and the United Arab Emirates are among Iran's major trade partners. The U.S. has initiated a campaign dubbed "Operation Economic Outcast," with Trump reportedly making direct appeals to world leaders to cease interactions with Iran. This strategy seems to have shown results, as the UAE recently announced a halt in all trade and financial transactions with Iran following a purported missile attack on the Gulf country. The Iranian parliamentary speaker, Mohammad Bagher Qalibaf, has refuted U.S. claims of its ability to further limit Tehran's relations with other countries. Experts suggest that the effectiveness of the U.S.'s sanctioning strategy depends on President Trump's willingness to enforce it aggressively. The Treasury Department announced sanctions against nearly 60 Iran-linked entities, accusing them of roles in Iran's nuclear and missile programs, cyber activities, and oil shipments. Among the targeted entities are Hong Kong-based Sweet Ocean Industrial Limited and China-based Shenzhen Huamei for allegedly supporting Iran's missile and nuclear programs. The announcement coincided with a record low for Iran's currency, the rial, which dropped to 2.02 million to the U.S. dollar as trading opened on currency markets. Iran's economy has been under significant pressure even before the U.S. and Israel launched attacks on February 28, grappling with double-digit inflation and negative growth. Despite the economic hardship, Iran continues to retain a strategic advantage through its threats and attacks on ships in the Strait of Hormuz, causing traffic disruptions.