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Araghchi: Fallouts of war on US economy could be avoided
Iranian Foreign Minister Abbas Araghchi on Saturday predicted more economic problems for the ordinary people in the Unites Staes as a result of a recent aggression against Iran, saying that the pains facing Americans were “avoidable”.
“Americans are told that they must absorb rocketing costs of war of choice on Iran,” Araghchi wrote on his X account.
“Put aside gas price hike and stock market bubble. Real pain begins when US debt and mortgage rates start to jump. Auto loan delinquencies are already at 30+-year high,” he added.
“This was all avoidable,” the top diplomat said.
The US and Israel waged their latest bout of unlawful attacks on Iran between February 28 and April 7.
The aggression prompted decisive and uncompromising reprisal featuring devastating blows to American and Israeli targets across the region. In addition to causing extensive material damage to the targeted sites, the Islamic Republic shut down the strategic Strait of Hormuz to enemies and their allies, therefore, sending shockwaves throughout global energy markets.
Including reconstruction and replacement costs, the war is so far estimated to have run Washington a cost likely ranging between $40 billion and $50 billion.
Economists, meanwhile, project the overall cost of continued restrictions imposed on the Strait of Hormuz to end up astronomically higher.
On Friday, Mohammad-Baqer Qalibaf, Iran's Parliament speaker, warned that the United States’ efforts at sustaining military escalation near the strait could trigger a fresh global financial crisis at a time when Washington's national debt already stands at a whopping $39 trillion.