WASHINGTON, Aug. 25 -- Scott Bessent descended on a podium in Washington on Monday with a phrase intended to sound like finality. "Economic D-Day," the US Treasury Secretary called it. He announced what he called "Operation Economic Outcast" - 60 entities, vessels and individuals sanctioned across the United Arab Emirates, Hong Kong, China, Singapore and Switzerland, targeting five sectors he described as Iran's vital economic arteries: digital assets, technology, gold, aviation and shipping. "Around the globe, our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone," Bessent said.

Tehran had been listening. Iranian Economy Minister Seyed Ali Madanizadeh spoke the same day, saying ...