Iran live updates: Araghchi dismisses Trump's 'economic D-Day' threat

President Donald Trump announced Wednesday that his administration is embarking on what he called the "MOST CRUSHING ECONOMIC OPERATION EVER TAKEN AGAINST ANY COUNTRY."

Trump made the announcement on his social media platform.

"Today, I am also announcing that ANY country that allows its financial institutions, businesses, airports, or government entities to provide any type of lifeline to Iran will itself face TREMENDOUS Economic Consequences," Trump said in the post. "Oil smuggling, swap lines, cash transfers, exchange houses, ship registries, front companies — It all needs to stop NOW. You know who you are."

The announcement from the president is a ratcheting up of the already intense economic pressure that the U.S. has placed on Iran, including sanctions targeting Iran's oil sales and the naval blockade.

"This will be an ECONOMIC D-DAY, and we need all of our Allies to stand with the United States of America to isolate, and defeat, the Iran threat," Trump said in the post. "These maniacs are on the ropes, and these HISTORIC MEASURES will cripple them and their ability to project terror worldwide."

-ABC News' Michelle Stoddart

President Donald Trump continued to threaten greater economic pressure on Iran, saying that there are more sanctions the U.S. could use to tighten their economic chokehold on the nation.

"Well, we have things that we could sanction. We have very draconian sanctions, and we'll see what happens," Trump said when asked U.S. officials saying they will be announcing measures to put more economic pressure on Iran.

The president then pivoted to say that the Strait of Hormuz is "open" and tout that ships are getting through.

"Right now, the Strait is open. A lot of boats are coming through. People aren't reporting that. And that may slow down a little bit at some point. But right now, a lot of boats are coming through. The naval blockade has been extremely effective," Trump said.

"No boats have gotten into Iran, but they are getting in for other places. But we'll see. We're going to see what happens. It'll either be extremely good and oil prices are going to drop like a rock, or we'll continue to do exactly what we're doing," Trump later added.

The president also noted that the MOU that the U.S. and Iran signed "didn't turn out to be what they said."

"You know, when they tell us one thing and they do another," Trump said.

The United Arab Emirates announced an indefinite trade embargo on Iran on Wednesday, accusing Iranian forces of firing two ballistic missiles at its territory.

Iran denied launching missiles and described the reported attack as a "false flag operation" by Israel and the U.S.

According to the World Trade Organization, trade between the two countries was worth roughly $28 billion in 2024 -- the last year where there is a full data set.

Iran imported roughly $21 billion in goods from the UAE, and the UAE imported about $7 billion from Iran. Iran’s top import from the UAE was electronics, and its top export was oil, per the WTO.

But more important than the bilateral commercial trade relationship is the suspension of financial transactions. Shadow companies in the UAE help Iran export oil, and exchange houses help Iran move money around without accessing the formal global banking system.

It is unclear if the U.S. played a role in the UAE's decision or if this is part of the current financial squeeze strategy by U.S., but the announcement came after a call between Secretary of State Marco Rubio and UAE National Security Advisor Sheikh Tahnoon bin Zayed Al Nahya.

-ABC News' Shannon Crawford and Chris Boccia

President Donald Trump said formal negotiations with Iran could reopen "maybe at some point" but that the "situation is so good" right now.

Trump claimed the U.S. controls the Strait of Hormuz except for when Iranians “shoot a drone every once in a while," something he brushed off as a "nuisance value."

"Iran cannot have a nuclear weapon and they won't," Trump said, when asked whether he’d restart talks with Iran.

The president then said "a lot of boats" came through the Strait of Hormuz on Tuesday night, touting U.S. control over the waterway but notably saying that persistent attacks on vessels are an annoyance, or "nuisance value."

He went on to further tout oil prices, once again claiming that they will further lower "when this is over."