The Trump administration is preparing another escalation of sanctions against Iran as Chinese refiners—the buyers of most Iranian oil exports—are already confronting tighter supplies and existing U.S. restrictions on the trade.
Treasury Secretary Scott Bessent said in an Aug. 20 CNBC interview that Washington would announce the “toughest sanctions in history” against Iran on Aug. 24. He said the economic measures would work alongside the U.S. naval blockade to increase pressure on Tehran.
His statement followed President Donald Trump’s warning a day earlier that countries providing “any type of lifeline to Iran” would face economic consequences.
Asked whether Washington could impose measures on China over its continuing trade with Iran, Bessent did not disclose the administration’s plans. He said discussions involving China were better held privately and urged Beijing to cooperate, citing China’s reliance on energy supplies from the Persian Gulf….