Washington's Economic War Against Iran Risks Ties With Beijing
The United States has launched an 'economic D-Day' campaign to destroy Iran's economy and war effort, led by Treasury Secretary Scott Bessent. This move risks straining ties with China, which provides a vital source of foreign currency and goods to Iran.
China buys more than 90 percent of Iran's oil, making it a crucial component of Tehran's global commerce. As part of the campaign, Washington has designated nearly 60 entities, individuals, and vessels for sanctions, including some in China and Hong Kong.
However, analysts note that these measures have been 'ferocious' but lacking in punch, sparing significant Chinese banking institutions and smaller refineries. The announcement comes ahead of a critical meeting between U.S. President Donald Trump and Chinese President Xi Jinping to discuss trade talks.