Bessent says US could ease Iran sanctions, but “we’ll see”

Treasury Secretary Scott Bessent said the Trump administration could consider lifting some sanctions on Iran, depending on how the current standoff with Tehran unfolds.

Speaking on Friday, May 29, during a question-and-answer session after delivering prepared remarks at the Reagan National Economic Forum in Simi Valley, California, Bessent was asked whether the United States would continue its financial and economic embargo on Iran. He replied, “We’ll see.”

Bessent stressed that any sanctions relief would be gradual and tied to specific conditions. “Anything that’s taken off will be taken off slowly,” he said, adding that there would be “milestones that the Iranian regime would have to meet” as part of any agreement involving sanctions relief. He also warned that sanctions could be increased if a deal does not appear imminent.

Iran has been under heavy economic sanctions since President Donald Trump withdrew from a nuclear agreement during his first term. Tehran has consistently demanded sanctions relief as a key condition for reaching a new agreement with the United States.

Earlier on Friday, Trump said he is making a “final determination” on a preliminary deal aimed at extending a ceasefire with Iran.

Bessent also noted that the administration had recently intensified sanctions. “We put more sanctions on yesterday,” he 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.”

However, Trump has recently downplayed the possibility of easing sanctions, saying earlier in the week, “We’re not talking about any easing of sanctions, no money, no nothing.”

Turning to domestic economic policy, Bessent said he was “100%” in agreement with Federal Reserve Chairman Kevin Warsh on eliminating forward guidance in 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 that the Treasury Department plans to mint a commemorative coin featuring Trump’s image to mark the 250th anniversary of the United States. Earlier in the week, he defended the idea of placing 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.”

By Tamilla Hasanova