Trump’s Victory Prompts Plans for Tougher Sanctions on Iran
November 09, 2024
12:27 PM
Reading time: 3 minutes
In the wake of his recent presidential election victory, U.S. President-elect Donald Trump is preparing to impose even tougher sanctions on Iran. This move follows revelations of an alleged plot by an Iranian operative to assassinate Trump, as well as continued concerns over Iran’s support for regional militias and its expanding nuclear program. Sources familiar with Trump’s plans shared these developments with The Wall Street Journal on Friday.
The U.S. Department of Justice has charged Farhad Shakeri, an alleged Iranian operative, in connection with the plot, which involved surveillance and planning for an assassination attempt on Trump. According to officials, Shakeri reported to an IRGC (Islamic Revolutionary Guard Corps) official, who instructed him in October to develop a strategy for the assassination.
“Maximum Pressure” Strategy Set to Return
In his first term, Trump enacted a “maximum pressure” campaign against Iran, pulling out of the 2015 nuclear deal and re-imposing sanctions, including an embargo on Iranian oil exports. According to sources, Trump plans to revisit this approach, aiming to cut off Iran’s oil revenue and isolate it diplomatically and financially. A former White House official stated that the perception is Iran is currently “in a position of weakness,” making it an opportune moment to ramp up sanctions.
Iranian leaders have responded by condemning the alleged assassination plot as a “Zionist conspiracy” and denying involvement in the scheme. However, the accusations have intensified already high tensions between Iran and the U.S., further fueled by recent conflicts with Israel. Over recent months, IDF forces have taken direct action against Iranian-backed leaders in the region, targeting Hezbollah’s and Hamas’s top figures.
Economic Impact on Iran and Regional Tensions
Meanwhile, following Trump’s election win, Iran’s currency, the rial, plummeted to a record low of 703,000 to the dollar, reflecting concerns about economic hardship if further sanctions are implemented. Although Iran’s government downplayed the impact of Trump’s return, Iran’s economy, already strained by existing sanctions, is bracing for the potential escalation.
Iranian Leadership and Public Sentiment
Iran’s recently elected President Masoud Pezeshkian, a moderate who aims to address the country’s economic challenges, has expressed skepticism about significant policy shifts resulting from the U.S. election. The Iranian administration has taken steps to prepare for intensified U.S. pressure, with officials suggesting that the fundamental stances of the U.S. and Iran are unlikely to change under the new administration. Despite efforts to project resilience, public sentiment in Iran remains mixed, as people face the reality of potential economic tightening and ongoing regional conflicts.
As Trump prepares to take office, his approach to Iran is expected to shape not only U.S.-Iran relations but also the broader dynamics in the Middle East, with ripple effects on global markets and regional stability.