Trump Threatens Chinese Banks Over Iranian Oil Trade
President Donald Trump and Treasury Secretary Scott Bessent threatened sanctions against Chinese banks involved in Iranian oil trade ahead of a planned visit by President Xi Jinping.
Donald Trump and Treasury Secretary Scott Bessent have increased economic pressure on China by threatening sanctions against Chinese banks that facilitate the Iranian oil ecosystem. These warnings align with a broader set of "economic D-Day" announcements targeting Iran.
Despite the sanctions threats, U.S. and Chinese officials are coordinating a state visit for President Xi Jinping to Washington in the coming weeks. U.S. Ambassador to China David Perdue recently met with Chinese Foreign Minister Wang Yi in Beijing to discuss the logistics of these high-level interactions.
The Government of China has maintained a muted official response to the threats, stating it will "take all necessary measures" to protect itself. Chinese officials have confirmed that talks regarding the upcoming summit are ongoing.
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