The Latest: US tightens economic squeeze on Iran after a week of renewed strikes

On Friday, the United States escalated its economic pressure against Iran by imposing Treasury sanctions on the Turkish institution Golden Global Yatirim Bankasi Anonim Sirketi to cut off critical financial lifelines for the Iranian government. The economic measures follow a week of renewed military strikes.

Addressing the ongoing hostilities, President Donald Trump downplayed the conflict during remarks on Friday, describing it as "small potatoes" for the United States and referring to it as a military conflict rather than a war. Trump's comments echoed statements made a day prior by Vice President JD Vance, who similarly declined to characterize the situation as a war, while drawing comparisons to past U.S. actions in Venezuela.