Besides his announcement about Gaza, President Trump on Tuesday signed a memorandum ordering a restoration of the “maximum-pressure” campaign against Iran: a tightening of sanctions and other economic levers to starve the country of income. He stressed on Wednesday that his goal is to force Tehran into accepting a deal in which it verifiably dismantles its nuclear program. But events on the ground are moving rapidly, and time for negotiation, and for letting sanctions take their effect, might be running out. Andrea Stricker explains:

A team of scientists in Iran is reportedly working to short-cut Tehran’s route to nuclear weapons in case the Iranian leadership orders their complete construction. President Trump and Prime Minister Netanyahu have a narrow window to stop Iran if it opts to build those weapons.

Facing Israel’s decimation of its proxies in Lebanon, Syria, and Gaza, lacking the means to defend its airspace, and confronting an inability to build new missiles quickly since Jerusalem’s strike, the regime in Iran knows it is more vulnerable than ever—and is likely eager to have a plan to acquire a nuclear deterrent quickly.

Trump and Netanyahu . . . should immediately evaluate and enhance intelligence gathering and related operations aimed at detecting Iranian efforts to build nuclear weapons. They should ready sabotage operations to stop these efforts.

In addition, the two countries should hold a new round of Juniper Oak military exercises, the last of which were held more than two years ago. These exercises showcase their ability jointly to destroy Iran’s nuclear facilities and could help deter a breakout by the regime before it starts. . . . In particular, the United States should allow Israel to practice refueling its fighter jets using American KC-46 refueling aircraft.

For more than a year, the Iran-backed Houthis have been launching drones and missiles at ships traversing the Red Sea, as well as at Israeli territory, in support of Hamas. This development has drastically curtailed shipping through the Suez Canal and the Bab al-Mandeb Strait, driving up trade prices. This week, the Trump administration began an extensive bombing campaign against the Houthis in an effort to reopen that crucial waterway. Burcu Ozcelik highlights another benefit of this action:

The administration has a broader geopolitical agenda—one that includes countering China’s economic leverage, particularly Beijing’s reliance on Iranian oil. By targeting the Houthis, the United States is not only safeguarding vital shipping lanes but also exerting pressure on the Iran-China energy nexus, a key component of Beijing’s strategic posture in the region.

China was the primary destination for up to 90 percent of Iran’s oil exports in 2024, underscoring the deepening economic ties between Beijing and Tehran despite U.S. sanctions. By helping fill Iranian coffers, China aids Iran’s Islamic Revolutionary Guard Corps in financing proxies like the Houthis. Since October of last year, notable U.S. Treasury announcements have revealed covert links between China and the Houthis.

Striking the Houthis could trigger broader repercussions—not least by disrupting the flow of Iranian oil to China. While difficult to confirm, it is conceivable and has been reported, that the Houthis may have received financial or other forms of compensation from China (such as Chinese-made military components) in exchange for allowing freedom of passage for China-affiliated vessels in the Red Sea.