US Treasury Secretary Scott Bessent | Photo Credit: REUTERS

Treasury Secretary Scott Bessent suggested the Trump administration could remove some sanctions on Iran depending on how matters proceed in the current standoff with Tehran.

Asked whether the US would keep its financial and economic embargo on Iran going, Bessent said “we’ll see.” He was speaking Friday in a question-and-answer session after delivering prepared remarks at the Reagan National Economic Forum in Simi Valley, California.

“Anything that’s taken off will be taken off slowly,” Bessent said. There will be “milestones that the Iranian regime would have to meet,” as part of any deal that includes sanctions relief, he added. He also said that the administration could ramp up sanctions if a deal isn’t imminent.

Iran has been under heavy economic sanctions since President Donald Trump backed out of a deal limiting its nuclear program in his first term. Tehran has consistently demanded sanctions relief as one of its conditions for an agreement with the US. 

Earlier Friday, Trump said he’s making a “final determination” on a preliminary deal to extend a ceasefire with Iran.

“We put more sanctions on yesterday,” Bessent also said. “Airlines — we’ve got some other financial targets. There’s a lot more we can do if we have to, and there are some things that we can take off to help the Iranian people.”

Trump this week has also downplayed the possibility of Iranian sanctions relief, saying “we’re not talking about any easing of sanctions, no money, no nothing.”

Trump Coin

Turning to US economic issues, Bessent said that he was “100%” in agreement with Federal Reserve Chairman Kevin Warsh on getting rid of forward guidance with regard to monetary policy.

“I think we are going to see a new sheriff in town,” Bessent said. “We’re going to get back to basics in terms of accountability, credibility and — look, what’s the purpose of the Fed?”

Bessent also suggested the Treasury will mint a coin with Trump’s image on it to mark the US’s 250th anniversary. Earlier in the week, he defended the idea of putting Trump on a special $250 bill, which would require an act of Congress.

“For the 150th, there was a Calvin Coolidge coin, with his image on it,” Bessent said. “We are going to have an image of President Trump on a coin.”

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Published on May 30, 2026