Washington DC - President Donald Trump's administration on Thursday issued a stark warning to US allies and China to get on board with a new economic campaign to "collapse" the Iranian government, or else face tough consequences.

"This is going to be the greatest coordinated economic isolation in the history of the world. And we are going to them and saying you are either with us or against us," Treasury Secretary Scott Bessent told CNBC of his message to allies.

On whether the US would pressure China, he said "many conversations are best to have in private," but called on Beijing "to get with the program."

Bessent called on other countries to support the US actions or face consequences.

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"So it is time for our allies and the rest of the world to make a decision, and we are going to squash the economy of this murderous regime, which will curtail their ability to project power through their proxies," he said.

The US has issued a raft of new economic sanctions since Trump launched the war in late February, but the Iranian government has managed to stay afloat.

Bessent, however, insisted that this new slate of sanctions would work, and that "we are going to collapse this regime."

He added that the new pressure meant that there likely would not be a ramp-up in US military operations against Iran "for now."

Bessent further said he plans to hold a press conference on Monday to outline specifics of what the new economic pressure campaign would entail.