Trump’s new economic squeeze on Iran has a big challenge: China
WASHINGTON (AP) — The “ economic onslaught ” that Treasury Secretary Scott Bessent has declared on Iran’s financial connections around the world may have one major caveat: China . Beijing is Iran’s biggest…
President Donald Trump and Chinese President Xi Jinping are set to meet at a state dinner in Beijing on May 14, 2026. The U.S. Treasury Secretary Scott Bessent has unveiled an "economic onslaught" against Iran's financial networks, which may face a significant challenge: China. China is Iran's largest trading partner and its biggest oil importer.
Treasury Secretary Bessent's announcement focused on avoiding disruptions to the upcoming summit, prompting concerns about the effectiveness of the new campaign. Edgard Kagan, a senior adviser at the Center for Strategic and International Studies, noted that both China and the U.S. have a vested interest in maintaining a positive relationship.
China, which relies heavily on Iranian oil, has stated that its cooperation with Iran is within "international law" and will take measures to safeguard its interests. The Chinese government opposes "illegal unilateral sanctions." In response to the economic pressure imposed on Iran, Beijing appears to be taking a cautious approach, aiming to do the least to comply without directly challenging the U.S.
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