Investing.com -- Treasury Secretary Scott Bessent announced Monday that the United States is launching a campaign to isolate Iran from the global economy, warning that any country conducting business with Iran risks facing US sanctions.

"We are launching an economic onslaught against Iran's financial connections around the globe," Bessent said at a press conference in Washington. He called the move "economic asphyxiation of this regime."

Bessent said President Donald Trump is calling world leaders directly with specific requests to cease their interactions with the regime. He said countries have a defined timeline to shut down economic cooperation with Iran, and if they don't, the Treasury will act unilaterally.

The US is focusing on five of Iran's areas, including digital assets, technology, gold, aviation and shipping. Bessent declined to set a timeline for US action or specify what steps the US would take.

When asked if the US was prepared to cut off major Chinese banks for facilitating trade with Iran, Bessent said "no one is above the reach of US sanctions." He did not mention China or any other country by name, saying the best way to engage was through quiet diplomacy.

In April, Bessent had announced what he called "Economic Fury" against Iran and warned that the administration was prepared to deploy secondary sanctions against foreign financial institutions that continue to support Iran's activities.