Iran’s foreign minister Abbas Araghchi rejected Wednesday U.S. President Donald Trump’s announced “economic D-Day” as an orchestrated maneuver to divert attention from what he called a deep crisis in the United States, after Trump promised a “most devastating” new offensive against the Islamic Republic.

Araghchi warned that doubling down on failed policies would only bring more defeats and the enmity of the Iranian people, in a direct message to the White House. He also denounced the “economic terrorism” practiced by Washington, asserting that it not only threatens Iran but also poses a real danger to the global economy and the sovereignty of nations that do not submit to US dictates.

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The minister pointed to what he described as the United States’ unprecedented public debt and constantly rising interest costs as evidence of the structural fragility of the US economy.

Trump’s announcement on Wednesday came after he asserted that Iran had not taken advantage of the “opportunities” offered to reach an agreement. The US president pledged an “economic war” and “unprecedented isolation” against the Persian country, rhetoric that reflects the logic of coercion and threat that has characterized US foreign policy in the region.

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