What to know as U.S. announces "Operation Economic Outcast" campaign to cripple Iran's economy

Treasury Secretary Scott Bessent on Monday laid out the Trump administration's plan for a campaign to create "economic onslaught" against Iran and its partners. "Face the Nation" coordinating producer Richard Escobedo has more.

Treasury Secretary Scott Bessent acknowledged the effort was more of a warning shot that would begin a period of “quiet diplomacy.”

Treasury Secretary Scott Bessent held a press conference to announce new sanctions against Iran in a "sustained financial operation" that the Trump administration is calling "Operation Economic Outcast."

The Treasury currently approves licenses for transactions in a number of sectors in Iran, including for medicine and medical devices, cultural and arts exchanges and agricultural transactions.