- Trump hinted he may sanction Chinese banks over links to Iran, replying cryptically "Who said I'm not?"
- Treasury Secretary Scott Bessent said US is stepping up campaign to "collapse" the Iranian government with sanctions and other measures
- Administration expanded threat of secondary sanctions on countries that continue to do business with Iran
- China is Iran's biggest trading partner, especially for oil; Chinese banks continue to handle payments tied to that trade
- US has not sanctioned major Chinese banks yet but has targeted some mainland China and Hong Kong companies; China calls secondary sanctions illegal
US President Donald Trump on Thursday hinted that his administration may be preparing sanctions targeting Chinese banks over their links to Iran, in what would be a major escalation of Washington’s attempts to isolate Tehran.
Treasury Secretary Scott Bessent this week announced that the United States was stepping up its campaign to “collapse” the Iranian government through economic sanctions and other measures.
This includes a vastly expanded threat of secondary sanctions on countries that continue to do business with Iran.
China is Tehran’s biggest trading partner, particularly when it comes to oil. Chinese banks continue to handle payments related to those and other forms of trade between the countries.
Asked by reporters at an event in the Oval Office whether he would sanction Chinese banks over such transactions, Trump responded with his own question.
“Who said I’m not?” he said, cryptically. “I mean, who said I’m not? You don’t know if I’m doing it. Well, I don’t have to announce everything, do I?”
The US Treasury has not so far issued any sanctions against major Chinese banks, although it has sanctioned several companies in mainland China and Hong Kong it accuses of aiding the Iranian government and armed forces.
China has opposed US secondary sanctions related to Iran as “illegal.”
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