The United States said that it may be preparing for a “financial bombing” of Iran. This will entail applying secondary sanctions on financial institutions that do business with Tehran.

U.S. Treasury Secretary Scott Bessent warned on Wednesday that the U.S. is preparing to ramp up economic pain on Iran by levying secondary sanctions on financial institutions that do business with the Middle Eastern nation, according to the Associated Press News (AP News). Bessent called the measure the “financial equivalent” of the bombing campaign.

U.S. President Donald Trump also claimed that China has agreed not to supply Iran with any weapons to be used in the current war. China’s Foreign Ministry has denied reports that Beijing has considered transferring arms.

While Trump claims the war is close to over, the U.S. blockade of the Strait of Hormuz is ongoing.

Trump: Iran War Is “Very Close To Being Over”

The commander of Iran’s joint military command on Wednesday threatened to halt trade in the Gulf region if the U.S. does not lift its blockade on Iranian ports. No vessels have made it past U.S. naval forces during the first 48 hours of the blockade, according to the U.S. Central Command. Even so, Trump said Wednesday the war in Iran was “very close to over.” –AP News

The U.S. also said it has not agreed to formally extend the ceasefire that Iran already claims Israel, and by proxy, the U.S. has violated.

Iran Accused Israel and The U.S. Of Violating The Ceasefire

Israel’s continued raid on Lebanon is being blamed for the ceasefire violation. The Israeli aerial and ground war in Lebanon has resulted in more than 2,100 people being killed. The country’s National News Agency reported airstrikes and artillery shelling throughout southern Lebanon on Wednesday, where Israeli forces have encircled fighters with the Lebanese militant group Hezbollah.

Just one day ago, the two nations held their first direct talks in decades.

For all intents and purposes, this war does not look like it’ll be over soon, as neither side appears to want to make concessions that will make the other happy. It could be a long, drawn-out “peace” process that results in more financial damage being done to everyday Americans than anything else.