Bessent Warns China: US to Crack Down on Iranian Oil Imports

US Treasury Secretary Scott Bessent has vowed an 'economic D-Day' for countries that continue to buy oil from Iran, citing China as a major player in this trade. According to Bessent, the US knows who these countries are and they know themselves.

The majority of Iran's exported oil goes to China, with Chinese purchases accounting for roughly 90% of Iranian oil exports, providing tens of billions of dollars in annual revenue that supports Iran's government budget and military activities. This has been a long-standing concern for the US, which has already seen American consumers feel the effects of higher oil prices due to the war.

China has already reduced its imports from Iran, but new sanctions could further erode the Trump administration's rocky relationship with China. The two nations have had a tense trade relationship in recent years, including a blistering trade war last year and a recent exchange of sanctions.