Article By Jenn Gidman
China is pushing back after Washington moved to tighten the financial screws on Iran, as well as anyone who does business with it.
Beijing said on Tuesday that it’s firmly against the US plan to expand sanctions targeting Iran and its trading partners, vowing to take “all necessary measures” to protect its interests, reports the BBC. US Treasury Secretary Scott Bessent on Monday unveiled what he called the toughest financial campaign yet against Tehran, warning that banks and companies worldwide could be cut off if they refuse to sever ties.
Bessent stressed that “no one” is beyond US reach, as China—Iran’s largest oil customer—insisted its cooperation with Tehran follows international law.
The Wall Street Journal notes, however, that Bessent didn’t mention China specifically. The escalation comes ahead of next month’s talks between President Trump and Chinese President Xi Jinping, with Washington mindful that China controls most global processing of rare earths and key minerals.
That summit should give the US president “another reason to think twice before risking a new confrontation with the world’s second-largest economy,” per Axios. The AP, meanwhile, cites sources who say Trump is mulling a 7.5% tariff on China.
The Chinese Embassy, in turn, said that any trade or economic issues should be broached via bilateral talks, not by the unilateral instituting of tariffs. Bloomberg has more on the “dozens” of Chinese firms set to be hit by the “economic D-Day” sanctions.
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