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Welcome to The Adversarial. Every other week, we’ll provide you with expert analysis on America’s greatest challengers: China, Russia, Iran, North Korea, and jihadists. Read more below.***IranU.S. strikes on Iranian soil tapered off in August after frequent exchanges throughout July. The hiatus seems more of an adjustment in tactics to wear down Iran’s finances rather than further degrade its military capability: A combined “one-two punch” of a physical blockade against Iran’s maritime trade and increased sanctions measures, which Treasury Secretary Scott Bessent last week said, “have never been seen in the history of the economic isolation of a country.” Iran will feel the tightening financial squeeze, as the void in oil sales and other exports will compound the burden on an economy that was already suffering before the war. The United Arab Emirates’ announcement on Aug. 19 that it would suspend trade and financial links with Iran is potentially another significant blow.Yet, these “maximum pressure” measures may also prompt the regime to up the ante with its own counterpressure campaign of additional attacks against shipping through the Strait of Hormuz and potentially return to targeting U.S. assets and allies. President Donald Trump recently poured cold water over the prospects of negotiations, asserting that no talks are “going on, or scheduled.” If that remains the case, and shipping through the strait does not substantially pick up, then a contest over whether Tehran or Washington can tolerate more pain in the pocketbook is likely to continue.Treasury Secretary Scott Bessent holds a White House Press Briefing on Thursday, May 28, 2026. Image: The White House via Wikimedia CommonsNorth KoreaNorth Korea issued a series of statements protesting the U.S.-South Korean Ulchi Freedom Shield exercises. These actions are common around joint, large-scale military exercises. One day before Ulchi Freedom Shield was set to start, Trump ordered