China Casts Shadow Over Trump's Economic Squeeze on Iran

The Trump administration's economic squeeze on Iran has been met with a significant challenge from China. The US Treasury Secretary Scott Bessent declared an 'economic onslaught' on Iran's financial connections worldwide, but Beijing remains Iran's biggest trading partner and oil buyer.

China's cooperation with Iran is within the framework of international law, according to Chinese Foreign Ministry spokesperson Lin Jian. However, experts say China will likely wait and see how things unfold before taking further action.

The US has penalized nearly 60 Iran-linked entities, accusing them of involvement in Iran's nuclear and missile programs, cyber activities, and oil shipments. However, the Trump administration has refrained from imposing sanctions on major Chinese businesses or banks connected to the US financial system.

Analysts believe that President Trump may not act tough on China now due to the upcoming summit between the two leaders in September. The goal is reportedly to exert enough pressure on Iran to make concessions, rather than destroying its economy.