Asked directly whether Washington could ramp up bombing after the midterms, Trump replied: "Possible."
He declined to discuss potential targets but said the United States had spent the past six months replenishing its weapons stocks. "We're stocking up at levels we've never done before," he said.
Iran proposal 'not good enough'
Trump said he rejected an Iranian ceasefire proposal presented over the weekend because its terms fell short of what Washington now wanted.
"They made an offer to open up the Strait," he said, referring to the Strait of Hormuz. "It's just, it's just, it's not good enough. Nearly."
Trump said conditions he might have accepted a year earlier were no longer sufficient after months of war. He also said Iran wanted an agreement but that Washington was seeking broader terms.
"They want to make a deal, but I want to make the real deal," he said.
Trump says he chose to prolong campaign
Asked why the war had continued into a seventh month after he initially suggested a much shorter campaign, Trump said the decision was deliberate.
"Only because I wanted to go further," he said. "I could have stopped then, but I wanted to go further."
Trump said the initial US strikes had already achieved their objective against Iran's nuclear facilities, but he decided to continue because he did not want Tehran rebuilding its capabilities "in some different form."
He said Iran had been severely weakened, saying: “Their economy is gone. Their inflation is at 300% or something like that. Their navy is gone. Their air force is gone. Everything’s gone.”
Damage to Iran’s military
Trump said US operations had destroyed Iran's nuclear, naval, air and radar capabilities.
"I've destroyed their nuclear capability. I've destroyed their navy, 159 ships are at the bottom of the sea. I've destroyed their air force. All their planes are gone. I've destroyed their radar," he said.
He also said traffic through the Strait of Hormuz had reached a record level the previous night, arguing that Iran had lost its ability to control the waterway.
"They said we're going to close. I said, 'Well, you close it, you're going to have big trouble.' We took it over," Trump said. "You have to see the coastline. Everything is obliterated."
Says 'annihilating Iran' remains possible
TIME also asked Trump about his recent threat to "annihilate Iran."
"Yeah, I would do that. It's possible," Trump said.
Asked how such a threat fit with his description of himself as a president of peace, Trump replied: "Because by annihilating Iran, we've created peace in the world. With Iran, I don't think you could ever have peace."
He said Iranian authorities had killed between 72,000 and 75,000 protesters in protests earlier this year.
"It's unbelievable. It's a bloodbath," Trump said.
Nuclear issue remains central
Trump repeatedly said preventing Iran from obtaining a nuclear weapon remained his central objective.
"Iran cannot have a nuclear power because they are crazy and you can't let crazy people have nuclear weapons," he said while discussing US support for Israel.
Later, while talking about the US economy and the cost of the war, Trump said he had "no choice" but to confront Tehran.
"I have to put out the fire in the Islamic Republic," he said. "Let nut jobs have nuclear weapons, you'll see some real problems. I had no choice. I'd do it again today."
Trump also said he believed the eventual outcome in Iran would resemble the result of the US operation in Venezuela.
"We're doing very well in Iran too," he said. "It's a much bigger area, much bigger country, much further away. And - but the result is going to be the same."
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