'TOTAL PRESSURE': US economic campaign is SQUEEZING Iran

♪. CHERYL: WE BEGIN THIS SUNDAY. MORNING WITH THE IRAN CONFLICT. NOW ENTERING ITS SEVENTH MONTH. AS THE U.S. LAUNCHES OPERATION. ECONOMIC OUTCAST WITH THE GOAL. TO TOTALLY ISOLATE TEHRAN FROM. THE GLOBAL ECONOMY. THE U.S. WILL NOW SANCTION ANY. PERSON REGARDLESS OF LOCATION. THAT CONTINUES TO DO BUSINESS. WITH KEY SECTORS OF IRAN'S. ECONOMY INCLUDING DIGITAL. ASSETS, TECHNOLOGY, GOLD, AVIATION AND SHIPPING. EVERYDAY IRANIANS HAVE BEEN. DEALING WITH THE ECONOMIC.

FALLOUT OVER THE REGIME'S. REFUSAL TO GIVE UP ITS NUCLEAR. PROGRAM AT THE EXPENSE OF ITS. PEOPLE'S WELFARE WITH SOARING. INFLATION AND LONG GAS LINES. OVERALL INFLATION IN IRAN IS UP. OVER 84% WITH FOOD PRICES ALONE. UP 128%. IRAN'S CURRENCY AGAINST THE U.S. DOLLAR HAS COLLAPSED WITH IT. TAKE TAKING APPROXIMATELY TWO. MILLION RIALS TO EQUAL ONE. DOLLAR ON THE OPEN MARKET. TREASURY SECRETARY SCOTT BESSENT. IS EXPECTED TO PRESS FINANCE. MINISTERS DIRECTLY AT THE G20. SUMMIT STARTING TOMORROW.

SEVERAL TIES THAT PROP IF UP. BOTH THE IRANIAN REGIME -- SEVER. ALL TIES -- WARNING THAT THE. U.S. WILL BE UNYIELDING IN. TARGETING ANY SOURCE THAT. MONETARILY BACKS TEHRAN. IF MEANWHILE, THE PRESIDENT. ANNOUNCING A HISTORIC ENERGY. AGREEMENT WITH VENEZUELA, SECURING 65 BILLION BARRELS OF. THE COUNTRY'S PROVEN OIL. RESERVE. VENEZUELA SAYS THE AGREEMENT IS. FOR 25 YEARS WITH THE TARGET TO. INCREASE PRODUCTION BY 1.5. MILLION BARRELS PER DAY WHILE. MAINTAINING THE COUNTRY'S.

SOVEREIGNTY OVER ITS RAW. MATERIALALS. THAT DEAL COMING AS OIL PRICES. REMAIN ELEVATED. MARITIME TRAFFIC IN THE STRAIT. CONTINUES TO COME UNDER ATTACK. U.S. CRUDE CLOSING AT $83.40 A. BARREL ON FRIDAY BEFORE. PRESIDENT TRUMP MADE HIS. ANNOUNCEMENT. HERE'S THE PRESIDENT ON WHERE. TALKS STAND AT THE MOMENT. >> THERE'S NOT A LOT TO SPEAK. TO. WE DON'T WANT TO SPEAK WITH. THEM. WE'RE NOT LOOKING TO MEET OR. ANYTHING. THE STRAIT IS OPEN. WE'RE TAKING A LOT OF BOATS, MILLIONS AND MILLIONS OF BARRELS. OF OIL ARE COMING OUT OF THE. STRAIT EVERY DAY.

OTHER COUNTRIES RECOGNIZE THAT. EVERY ONCE IN A WHILE THEY SHOOT. SOME, YOU KNOW, THEY PUT SOME. SHOTS -- YOU KNOW, WE TOTALLY. CLEARED THE STRAIT OF -- WE HAVE. THE BEST MINE SWEEPERS IN THE. WORLD. THEY'RE UNDERWATER MINE. SWEEPERS, AND WE'VE TOTALLY. CLEARED THE STRAIT OF MINES. CHERYL: JOINING ME NOW IN THIS. "SUNDAY MORNING FUTURES". EXCLUSIVE IS THE CHAIRMAN OF THE. HOUSE HOMELAND SECURITY. COMMITTEE, BRIAN MAST.

TREASURY SECRETARY BESSENT. THREATENED TO CUT OFF IRANIAN. SHADOW BANKING FUNDS BY. TARGETING A MAJOR BACK IN THE. A -- UAE. DO YOU THINK THIS PUTS MORE. PRESSURE ON IRAN TO COME BACK TO. THE TABLE? >> IT'S NOT A QUESTION ABOUT. MORE PRESSURE BEING PUT ON THEM, IT'S TOTAL PRESSURE. EVERYTHING IS COMING TO BEAR. WHAT IS THE RESULT THAT THIS HAS. BROUGHT? YOU SPOKE ARE ABOUT -- ALREADY. ABOUT WHERE THEIR CURRENCY IS. IRAN HAS ONLY BEEN ABLE TO. TARGET ABOUT 2% THROUGHOUT THE. MONTH OF AUGUST OF ANY SHIP. GOING THROUGH THE STRAIT OF.

HORMUZ. THOSE SHIPMENTS ARE ALSO AT. PRECONFLICT LEVELS RIGHT NOW. ANYBODY THAT ASSISTS IRAN IN ANY. WAY WHATSOEVER, THEY'RE GOING TO. BE TARGETED. THAT'S ESPECIALLY BIG FOR CHINA, FOR PAKISTAN, FOR INDIA, FOR A. NUMBER OF COMPANIES LIKE RUSSIA, UAE HAS ALREADY ANNOUNCED. THEY'RE GOING TO TOTALLY THE. MOVE AWAY FROM IRAN, BUT IT'S A. BIG DEAL FOR A NUMBER OF THOSE. COUNTRIES THATMENT HAVEN'T MADE. THAT TOTAL MOVE YET. CHERYL: THE QUESTION IS THE. STRAIT IS MAYBE BECOMING NOT AS. RELEVANT IN THE GLOBAL OIL. STORY.

AT THE SAME TIME, YOU HAVE THIS. SUMMIT WITH CHINESE PRESIDENT XI. JINPING THAT'S SET FOR SEPTEMBER. 24TH, AND THE CHINESE HAVE BEEN. THE ECONOMIC ENGINE THAT HAS. BEEN POWERING TEHRAN AND ALSO. THEIR PROXIES. DOES THIS CHANGE THE DYNAMIC, IN. YOUR OPINION, OF THIS MEETING. BETWEEN PRESIDENT TRUMP AND XIXI. JINPING? >> ABSOLUTELY, IT DOES. THIS IS PRESIDENT TRUMP AT HIS. BEST, SHOWING THAT HE IS THE. GREAT DEALMAKER THAT SO MANY. HAVE TOUTED HIM TO BE. SO WE HAVE THIS SUMMIT COMING TO. OUR SHORES. CHINA'S NO LONGER GOING TO BE.

PURCHASING UP, LET'S SAY, 80, 90% OF IRANIAN OIL. THEY NO LONGER HAVE THE. OPPORTUNITY TO SOAK UP 80-90 OF. VENEZUELAN OIL. THAT'S ACTUALLY NOW GOING TO GO. TO THE UNITED STATES OF AMERICA. INSTEAD OF CHINA, NOT ON RUSSIAN. SHIPS. SO RUSSIA ISN'T GOING TO BENEFIT. FROM THAT. WE'RE GOING TO HAVE 65 BILLION. BARRELS OF OIL IN TOTALITY. COMING TO THE BEST PLACE FOR. THAT VENEZUELAN OIL TO BE. REFINED WHICH IS ACROSS THE GULF. OF AMERICA, IN AMERICAN. REFINERIES. THIS IS GREAT FOR THE UNITED. STATES OF AMERICA, AND IT'S. SHOWING, AGAIN, THAT CHINA'S.

WORLD IS SHRINKING. AND ANOTHER POINT THAT I ALWAYS. MAKE IS THIS, CHINA PROVIDES. CHEAP GOODS AND CHEAP. FRIENDSHIPS. YOU DON'T SEE THEM COMING TO THE. AID OF PEOPLE THAT THEY CALL. ALLIES. CHERYL: WELL, THAT'S VERY, VERY. TRUE. LET'S STAY WITH THE VENEZUELAN. STORY HERE BECAUSE "THE WALL. STREET JOURNAL" IS REPORTING. PART OF THE AGREEMENT THAT WAS. ANNOUNCED FRIDAY BY THE. PRESIDENT, RAMP UP OIL. PRODUCTION IN VENEZUELA, THIS. WOULD ALSO INCLUDE THE PENTAGON. TAKING A FINANCIAL STAKE IN THE. DEAL THROUGH THE PENTAGON'S TO. OFFICE OF STRATEGIC CAPITAL. I WANT TO TO GET YOUR THOUGHTS.

ON WHAT YOU'VE HEARD SO FAR AND. ON THE DEAL IN GENERAL. >> LOOK, WE WANT TO MAKE SURE. THAT OUR RESERVES, OUR STRATEGIC. OIL SUPPLIES ARE MET. WE MOW WHAT A BIG DEAL A THAT IS. FOR EVERY ASPECT OF OUR MILITARY. AND THIS IS, AGAIN, THE GREAT. DEALMAKER MAKING A GREAT DEAL. FOR THE UNITED STATES OF. AMERICA. AND WHAT KEEPS US IN THE PLACE. THAT WE ARE? IF OUR ABILITY TO SHOW, YOU KNOW. WHAT? WE CAN DEFEND, WE CAN DETER AND. WE CAN GO ON OFFENSE IF WE NEED. TO, AND WE HAVE ALL OF THE. RESOURCES TO DO SO FROM FROM SEA. TO SHINING SEA, BETWEEN THE. ATLANTIC, THE PACIFIC AND THE.

GULF OF AMERICA WE CAN DO THAT. WE DON'T HAVE TO HAVE IT COMING. OUT OF SOME OTHER PLACE IN ORDER. FOR US TO MEET OUR OWN NEEDS. CHERYL: SO DO YOU SUPPORT THE. PENTAGON'S ROLE INS THIS IS, INDEED -- IF THIS IS, INDEED, THE CASE. >> ABSOLUTELELY, I SUPPORT THAT. WHATEVER WE CAN DO TO SECURE OUR. NEEDS FOR OUR MILITARY IN THIS. WORLD WHERE WE SEE, YOU KNOW. WHAT? IF THE WHOLE WORLD IS NOT GOING. TO GO OUT THERE AND IN AN. INTERNATIONAL WAY DEFEND WHAT. EVERYBODY CALLS AN INTERNATIONAL. WATERWAY, THE STRAIT OF HORMUZ,

THEN WE HAVE TO GOGO OUT THERE D. WE HAVE TO SECURE OUR SUPPLIES. IT'S NOT AN INTERNATIONAL EFFORT. SECURING THE STRAIT OF HORMUZ, IT'S THE UNITED STATES OF. AMERICA. SO I THIS THIS IS A GREAT. EXAMPLE OF LOOKING OUT FOR OUR. OWN INTERESTS --. CHERYL: YOU'RE RIGHT. THERE'S BEEN A LOT OF REPORTING. ABOUT THE MUNITIONS SITUATION. WITH REGARDS TO THE U.S. MILITARY. ARE YOU CONCERNED ABOUT A DRAIN. OF U.S. MUNITIONS IF THERE'S A. MEANINGFUL DRAWDOWN? THIS COULD POTENTIALLY EMBOLDEN. RUSSIA AND EMBOLDEN CHINA?

>> I KNOW THAT WE ACCOUNT FOR. EVERY DRAIN ON U.S. MUNITIONS. WHY DO WE MANUFACTURE THEM, WHY. DO WE STORE THEM? WE STORE THEM FOR DEFENSE, DETERRENCE AND WE STORE THEM IF. WE NEED TO, AGAIN, TO GO ON. OFFENSE. THAT'S WHAT'S BEING DONE RIGHT. NOW, THEY'RE DEFENDING AND. DETERRING AN ENEMY THAT HAS BEEN. ATTACKING US FOR 47 YEARS. AND THIS IS THE FIRST SIX MONTHS. IN OUR NATION'S HISTORY THAT WE. DECIDED TO GO ON OFFENSE AGAINST. THEM, AND WE BEAT THEM BACK. ALMOST IN TOTALITY.

I'LL BET THEIR ATTACKS DROP FROM. 2% TO 0-1% AND BEYOND THAT AS. WELL. THAT'S WHAT THOSE MUNITIONS ARE. FOR. DO WE HAVE TO RESTOCKPILE THEM? ABSOLUTELY, WE DO. ARE WE AT A TURNING POINT IN. HISTORY RIGHT NOW PROBABLY NOT. SEEN SINCE THE ADVENT OF THE JET. ENGINE WHERE WE'RE HAVING TO. BUILD NEW TYPES OF WEAPONS. SYSTEMS, THESE AUTONOMOUS. SYSTEMS, DRONE SYSTEMS TO KEEP. UP WITH BOTH OFFENSE AND DEFENSE. ON THE BATTLEFIELD? 100%. THAT'S A NEW CATCH THEY THAT. NEEDS TO TAKE PLACE -- CACHE, BUT THAT IS TAKING PLACE.

AND WE'RE USING THESE WEAPONS. FOR DEFENDING THE AMERICAN. PEOPLE. CHERYL: THE PATRIOT INTERCEPTORS. IS A BIG PART OF THIS. DISCUSSION, UNDERSTOOD, BECAUSE. NOT JUST WHAT'S HAPPENING WITH. IRAN, BUT ALSO WHAT'S HAPPENENIG. WITH RUSSIA AND UKRAINE. AND I WANT TO GET YOUR TAKE ON. THIS. THERE'S A LOT OF BACK AND FORTH. ABOUT SHOULD WE BE GIVING THE. UKRAINIANS THAT PATE RAT. TECHNOLOGY -- PATRIOT. TECHNOLOGY, QUESTION ONE. QUESTION TWO, KIND OF A BROADER. PIECE HERE, ARE YOU AT ALL. WORRIED THAT VLADIMIR PUTIN. COULD LAUNCH AN ATTACK ON ANY OF.

OUR NATO ALLIES IN WE DID HAVE. SOME CONCERNING COMMENTS COMING. FROM POLAND'S TO PRESIDENT ABOUT. SUCH A LIKELIHOOD. IS THAT ON YOUR RADAR RIGHT NOW? >> A COUPLE OF THINGS. THE PATRIOTS, NUMBER ONE, YES, WE WANT OUR UKRAINIAN FRIENDS TO. BE ABLE TO KNOCK DOWN ANY. ORDINANCE COMING THROUGH THE SKY. AS WE DO THOSE OTHER COUNTRIES. THAT USED TO BE EASTERN BLOC. COUNTRIES OF THE FORMER SOVIET. UNION, LATVIA, LIST LITHUANIA, ESTONIA, POLAND, ALL OF THEM ON. THOSE BORDERS. WE WANT THEM TO BE ABLE TO. DEFEND THEMSELVES, WE WANT TO BE.

ABLE TO SUPPLY THOSE MUNITIONS. OF COURSE THERE ARE BIG. DRAWDOWNS BECAUSE EVERYBODY. WANTS SOMETHING TO BE ABLE TO. SHOOT ORDINANCE AND SYSTEMS OUT. OF THE SKY WHETHER THEY'RE IN. THE GULF OR THE HIGH NORTH, EUROPE OR ANYWHERE ELSE, WE HAVE. TO MAKE SURE THAT WE MEET OUR. NEEDS. AND AFTER THAT, WE NEED TO HAVE. THE SUPPLY CHAN TO CONTINUE TO. BUILD THOSE THINGS -- CHAIN. PRESIDENT TRUMP IS SAYING, HEY, WE RECOGNIZE THESE. VULNERABILITIES WHERE CHINA HAS. HAD CONTROL OF THESE MINERALS. THAT ARE A PART OF PRODUCING. THESE WEAPONS.

WE ARE BRINGING THAT RELIANCE TO. AN END AS WELL SO WE CAN MEET. OUR NEEDS. CHERYL: ARE YOU CONCERNED AT ALL. ABOUT WHAT WE'RE SEEING NOT JUST. WITH REGARDS TO EUROPE, BUT ALSO. WITH REGARDS TO CHINA IN THE. SOUTH THIGH THAT SEA? -- CHINA. SEA? THERE ARE CONCERNS ABOUT CHINA. MAKING A MOVE WITH REGARDS TO. TAIWAN. IS THAT ON YOUR RADAR AS WELL. RIGHT NOW, OR DO YOU THINK THE. SUMMIT BETWEEN PRESIDENT XI. JINPING AND D PRESIDENT TRUMP, THAT WILL COME MORE INTO FOCUS, THOSE DISCUSSIONS, THEN? >> IS WHAT CHINA IS DOING IN THE. SOUTH CHINA SEA AND IN THE.

PACIFIC AS A WHOLE IS 100% IF ON. OUR RADAR. EVERYBODY PAYING ATTENTION IN. THE PACIFIC, IT'S WHY WE HAVE AN. ALLY LIKE AUSTRALIA THTHAT IS. GOING OUT THERE, LEARNING TO. FUNCTION AND BUILD AND OPERATE. THE MOST SOPHISTICATED PIECE OF. MILITARY TECHNOLOGY ANYWHERE, THE NUCLEAR SUBMARINE. WHY? MORE DETERRENCE IN THE PACIFIC, SPECIFICALLY BECAUSE OF THE. THREAT THAT CHINA IS THERE IN. THE PACIFIC. WHETHER TO TAIWAN OR ANYBODY. ELSE, WE ARE EMBOLDENING AND. STRENGTHENING OUR ALLIES THROUGH. PROGRAMS LIKE WHAT I JUST. MENTIONED, AND WE ARE SHRINKING.

THE WORLD OF CHINA. CHERYL: THE CHAIRMAN OF THE. HOUSE FOREIGN AFFAIRS COMMITTEE, FLORIDA CONGRESSMAN BRIAN MAST.