U.S. Plans Economic Offensive Against Iran as China Urges Peace

U.S. Treasury Secretary Scott Bessent is preparing to unveil a major economic offensive against Iran, which he has characterized as an economic D-Day. The strategy aims to impose the toughest sanctions in history to collapse the Iranian regime by targeting Tehran's oil revenues, financial networks, and the countries and companies that provide economic lifelines. This financial campaign follows failed military strikes and a maritime blockade that have already reduced Iranian oil exports from two million to approximately 400,000 barrels per day.

In response, Iran has warned it will halt all oil exports from the Gulf and restrict shipping through the Strait of Hormuz if the economic war persists. Iranian President Masoud Pezeshkian acknowledged the severe economic difficulties facing the country, while other officials demanded the lifting of the blockade and the unfreezing of Iranian assets.

The Government of China has rejected U.S. pressure tactics and ordered domestic companies not to comply with sanctions on Iranian refiners. Chinese Foreign Minister Wang Yi and Vice Foreign Minister Miao Deyu have held meetings in Beijing with officials from Iran and Kuwait to promote peace talks and de-escalation. These tensions complicate the planning for Chinese President Xi Jinping's scheduled state visit to Washington on September 24.