The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) on Oct. 9 launched a new round of sanctions against Iran’s oil network, including a China-based crude oil port. Analysts say the move will sharply raise the cost and risk of China’s imports of Iranian crude, dealing a blow to the communist regime’s energy supply chain.
The sanctions came as Beijing widened export controls on rare earth minerals and opened an antitrust probe into U.S. tech giant Qualcomm, actions that prompted U.S. President Donald Trump to announce a 100 percent tariff on Chinese goods. Together, the measures signal a major escalation in the U.S.-China trade confrontation, now spanning energy, technology, and industrial supply chains….