<p>As with its approach to Hormuz, the US has mistaken applying pressure for an actual strategy. But Tehran has chips of its own to play</p><p>Donald Trump has found a <a href="https://www.theguardian.com/world/2026/aug/24/us-severe-sanctions-economic-ties-iran">new way to promise victory</a> over Iran. After months of war have failed to force Iran’s capitulation or collapse, his administration has unveiled what the US Treasury secretary, Scott Bessent, calls Operation Economic Outcast: an effor