US Targets Iran's Economic Partners in Showdown with Beijing

US Treasury Secretary Scott Bessent has vowed to ramp up pressure on Iran by targeting its economic partners, echoing former President George W. Bush's warning to US allies after the 9/11 attacks.

Bessent said in an interview with CNBC that the US would unveil a plan at a Monday press conference, and that countries that still do business with Iran would face severe consequences.

The Trump administration has so far shown little appetite for challenging China's economic links with Iran, particularly with President Xi Jinping visiting the US next month and the two largest economies navigating a tenuous trade truce.

China is the main buyer of Iranian oil, accounting for 90% of its petroleum exports. The Trump administration has already sanctioned some of China's independent refineries since the start of the war in February, but has stopped short of targeting major Chinese banks that finance the trade.