Trump denies talks as Iran claims US is 'begging'
US President Donald Trump has said that no conversations are taking place or scheduled with Iran, while maintaining that the US naval blockade remains in full force and mines in the Strait of Hormuz have been cleared, as reported by Al Jazeera.
In contrast, Iranian Foreign Minister Abbas Araghchi said the US is now "begging" to negotiate on Iranian conditions after failing to force Tehran to surrender, according to the same outlet.
US announces 'crushing economic operation'
Trump has also announced the launch of an unprecedented "crushing economic operation" against Iran after the two countries failed to reach a deal, warning that any country offering Tehran a lifeline will face severe financial retaliation, as reported by Al Jazeera. Trump said Washington may resume talks with Tehran at "some point," stating that US demands remain focused strictly on preventing Iran from obtaining nuclear weapons.
At a press conference, Trump said Iran wants an agreement but is not yet prepared to accept terms he considers necessary. "They would love to make a deal, but they are not ready to make the right deal, in my opinion," Trump told reporters at Joint Base Andrews, as quoted by Iran International. He added, "They have no money. They have no navy. They have no air force. They're not paying their soldiers. They're not paying their police. They have 350% inflation."
Vice President JD Vance has said the war has entered a phase in which economic pressure is Washington's most effective tool, and Treasury Secretary Scott Bessent said the United States would impose the "toughest sanctions in history," as reported by Livemint.
Iran responds
Iranian Foreign Minister Abbas Araghchi rejected the US campaign, saying it was "bound to fail" like previous rounds of US pressure. "14 years ago: 'Most crippling sanctions in history.' Failed. 8 years ago: 'Maximum pressure.' Failed. 5 months ago: 'Unconditional surrender.' Failed. Today: 'Most crushing economic operation ever.' Bound to fail," Araghchi wrote on X. He added, "We have seen this movie before. Same bull. Different bullies."
Iran also said Trump's threats were a "diversion" from America's own crises of unprecedented debt and surging interest costs, as reported by The Straits Times.
China's response
China said it continues to support a diplomatic end to the US-Iran war, in a delayed statement released shortly before the US is set to unveil measures to punish Tehran's economic partners. Vice Foreign Minister Miao Deyu said at talks with Iran's Deputy Foreign Minister Kazem Gharibabadi in Beijing on August 17 that "China is closely monitoring the situation in the Middle East and is actively committed to promoting peace talks," according to a statement published later.
China's Ministry of Foreign Affairs did not previously disclose the meeting and provided no explanation for the time lag in making it public almost a week later. The timing is notable because it came a day before US Treasury Secretary Scott Bessent was set to unveil a plan designed to shift the conflict from tit-for-tat strikes across the Middle East to full-blown economic isolation, as reported by Moneycontrol.
Beijing responded to Trump's comments by saying sanctions and pressure would not work and called for a diplomatic resolution. China officially pushed back on Trump's threat of an "economic D-Day" against Iran, saying sanctions do not "fit the interest of any party," as reported by Livemint.
Iran's nuclear and diplomatic stance
Gharibabadi briefed Chinese officials on the latest developments in the Gulf and presented Iran's position, according to the statement. While Tehran is "willing to continue resolving issues through diplomatic negotiations," he said Iran will act "firmly" in defending its sovereignty and security interests.
"Iran looks forward to deepening cooperation with China in various fields and advancing bilateral relations," the statement cited him as saying, as reported by The Straits Times.
Economic context
The US measures come after months of military strikes and a maritime blockade that failed to force Tehran to capitulate, as reported by The Straits Times. China buys the bulk of Iran's oil and was Iran's second-largest trading partner in 2025, behind the United Arab Emirates, which this week said it cut all economic ties with Tehran after accusing it of firing ballistic missiles at its territory, according to the same report.
Araghchi also stated that the US is now "begging" to negotiate on Iranian terms, a claim that contrasts with Trump's denial of any talks, highlighting the diverging narratives between Washington and Tehran.