US economic pressure campaign on Iran

World Vance says war in "new phase" of economic pressure as Iran dismisses Trump threat By Frank Andrews Frank Andrews Frank Andrews is a CBS News journalist based in London. Read Full Bio Frank Andrews Updated on: August 21, 2026 / 3:52 AM EDT / CBS News Add CBS News on Google Follow updates on the war in the Middle East for Friday, Aug. 21, here . See earlier developments below. What to know about the Iran war: Iran's foreign minister on Thursday dismissed President Trump's threat to wield "Economic Warfare and Isolation on an unprecedented scale" as a diversion from the burgeoning U.S. national debt and a "doubling down on failed policies." Mr. Trump threatened Iran on Wednesday with "an economic D-Day." Vice President JD Vance said Thursday that the war with Iran has entered a "new phase" of economic pressure. "We're going to keep that going because we think that's the best way to...