Economic Warfare On Iran, White House Ballroom, Bond Market Warning Signs

Up First from NPR - NPR

This Up First episode covers three major stories: escalating U.S. economic pressure on Iran, a Supreme Court showdown over Trump's White Hou

Key takeaways

The U.S. is considering new economic sanctions targeting governments like China that facilitate Iran's oil trade, marking a shift from focusing only on businesses.
Iran's economy remains under severe strain but ideological hardliners prioritize survival over economic recovery, reducing the effectiveness of further sanctions.

Main topics

U.S. economic sanctions on Iran
China's role in Iranian oil trade

Notable quotes

"Any country that allows institutions or businesses to provide, quote, any type of lifeline to Iran will itself face tremendous economic consequences." - President Trump

Conclusion

While the U.S. intensifies economic pressure on Iran and faces legal scrutiny over presidential

Transcript preview

Speaker 5 (0:02) The White Speaker 1 (0:02) House is doubling down on economic pressure to choke off Iran's economy. The U.S. has not sanctioned the governments that buy Iran's oil, but that may change. China is Iran's biggest customer. Could it face consequences? I'm Speaker 5 (0:14) Sasha Pfeiffer. That's Leila Fadl. And this is Up First from NPR News. Speaker 5 (0:20) The Supreme Court is expected to weigh in on President Trump's ballroom construction. A lawsuit argues he needed congressional approval. Trump is framing the ballroom as part of a military complex with drone ports and bomb shelters. Speaker 1 (0:32) And the bond market is flashing a warning sign for the economy. That market plays a big role in setting interest rates. When the government has to pay more to borrow money, so does everyone else. Stay with us. We'll give you the news you need to start your day. Speaker 8 (0:52) This message comes from Wise, the smart way to manage your money around the world. With Wise, you can send, spend, and receive money in over 40 currencies at the mid-market rate. Learn more at wise.com. T's and C's apply. Speaker 7 (1:07) Okay, so you're driving to work or you're on a walk or you're at the gym or whatever, and you just need to clear your head. That's the perfect time to hit the play button on NPR's All Songs Considered. It's not the news, it's not work, or whatever else is weighing you down. It's just a good time with good friends and great tunes. Listen to All Songs Considered every Tuesday in the NPR Music Podcast. Speaker 5 (1:31) At NPR, there's a little something for everyone. If you need advice for that big life change, try listening to Life Kit. If you want to know more about that new TV show, check out Pop Culture Happy Hour. And if you want to dive deeper into your favorite podcasts and enjoy perks like bonus episodes, archive access, and more, check out NPR Plus. Find out more and support the shows you love at Speaker 1 (1:52) plus.npr.org. The Trump administration is threatening crippling new economic pressures on Iran. They want that pressure to force Iran back into negotiations over the Strait of Hormuz. Treasury Secretary Scott Besson Speaker 5 (2:07) says next week he'll lay out what new economic pressure on Iran looks like. Diplomatic efforts to revive peace talks have completely stalled after a temporary ceasefire was called off weeks ago. Speaker 1 (2:17) With us is NPR's Emily Fang to explain the latest. Good morning, Emily. Speaker 6 (2:21) Good morning, Leila. Speaker 1 (2:22) So the U.S. has already, it already has so many sanctions on Iran, so much economic pressure on Iran. So what exactly is the president threatening beyond what's already being done? Speaker 6 (2:32) Well, he wrote on Drew Social, the social media site, that any country that allows institutions or businesses to provide, quote, any type of lifeline to Iran will itself face tremendous economic consequences. He appears here to be referring to activity like smuggling Iranian oil out or helping Iran buy goods abroad. As you note, though, the U.S. already has extensive sanctions that makes a lot of international trade with Western countries impossible. And already in June, the U.S. took it one step further. They put secondary sanctions on entities that were helping Iran evade sanctions. So as Sasha mentioned earlier, Treasury Secretary Besant said he's going to hold a press conference on Monday to explain what this new, quote, economic D-Day, as President Trump is calling, will entail. But what is notable to me. is the focus seems to be on countries and their governments now, so not just on businesses and economic fronts. And the big question that stands out is how this might affect China. Okay, wait, how is China connected to this? So until now, the U.S. has sanctioned entities that ship or refine oil or move money around that allows China to buy about 80 to 90 percent of Iran's oil before the war.