War weighs on Iran's economy as US intensifies sanctions

DUBAI: Iranian leaders are acknowledging the economic toll of war with the United States, with the supreme leader urging the government to address the hardship and the president saying foreign trade has shrunk by a third due to the American sanctions and blockade.Yet Tehran signalled no retreat on Saturday (Aug 29), vowing to withstand US pressure, pursue diplomacy and maintain what it said was control over the Strait of Hormuz, the strategic waterway giving Iran leverage through its ability to disrupt global energy markets.The government said in a statement on state media that addressing economic pressures caused by sanctions and war was a central focus, including curbing inflation, managing markets, creating jobs, directing investment towards domestic production and gradually reducing de