US Issues Warning to Countries Doing Business with Iran
US President Donald Trump's administration has issued a warning to countries doing business with Iran, threatening them with secondary sanctions if they don't comply. The Treasury Department announced new sanctions on 60 individuals, entities, and vessels, but stopped short of imposing penalties. Treasury Secretary Scott Bessent described the move as an 'economic onslaught' against Iran's financial connections worldwide.
Bessent declined to say which specific countries would be targeted or when penalties would take effect, but emphasized that the US is serious about enforcing its policy. The administration has been trying to curb China's oil purchases from Iran for several years, but so far has not targeted Chinese banks with sanctions. However, Bessent hinted that this could change in the future.
The move comes as Trump and Chinese President Xi Jinping are set to meet in Washington in late September. New sanctions on Chinese banks could sour prospects for extending a deal struck last November to keep rare earths flowing and cap US tariffs.