Iran's Araghchi warns US economic threats will backfire

Iranian Foreign Minister Abbas Araghchi said the economic war threatened by US President Donald Trump would bring nothing but further defeat for the United States.

Araghchi explained in remarks on Thursday that the economic war promised by President Trump against Iran is merely an attempt to distract from his own country's economic problems, warning that any additional pressure would fail.

On Wednesday evening, President Trump announced what he described as "the toughest economic action ever taken against any country," aiming to impose economic isolation on Iran and warning countries and institutions supporting Tehran of "severe" economic consequences.

The US Treasury Department announced on Wednesday that total US debt has surpassed $40 trillion for the first time, prompting fresh warnings of a looming financial crisis.