President Donald Trump on Wednesday announced the United States is launching a new initiative targeting Iran‘s economy, demanding that allies back the effort. 

The president warned Iran that “economic D-Day” is coming after he backed away this week from peace talks seeking to resolve the conflict, which has now stretched on for nearly six months. Trump said 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.” He urged all of Washington’s allies “to stand with the United States of America to isolate, and defeat, the Iran threat.”