Trump used his UN speech to tell Iran's president to his face that he could destroy the country, a hard escalation that leaves little room for a quick deal.

• Trump said Iran can either make a deal and rebuild, or face being wiped out, and insisted Iran will never get a nuclear weapon.
• Iran's president Pezeshkian answered from the same stage, calling Iranians the real victims and showing children killed by bombing.
• Treasury Secretary Bessent laid out the financial squeeze: tracking and freezing the regime's hidden offshore accounts and trusts, and handing the money to Iranians or to terror victims' families.
• Iran appears to be stalling until the US midterms, betting Trump loses leverage; Trump says he is not on the ballot and does not care.
• Marco Rubio argued Iran misreads the US system, since a president can impose sanctions and use force without waiting on Congress.

Outlook: No deal looks likely before November, and the pressure campaign on Iran's money and nuclear program will keep tightening in the meantime.