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Scott Bessent says the US will sever all economic ties with the country and that any nation partnering with Iran financially will also be isolated.
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It was the final, major event planned for the nation's 250th anniversary celebrations. The president took a lap.
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The president took a ceremonial lap of the track before the race, which is the culmination of a summer of events to mark the country's 250th birthday.
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Oil prices fell Monday as investors awaited details of what Washington has billed as its toughest-ever sanctions campaign against Iran.
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In the town of Gary, where a third of residents live in poverty, people say they have been living in "survival mode".
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