Trump Hints at Sanctions on Chinese Banks Dealing with Iran; Treasury Expands Secondary Sanctions Threat

Speaking at an event in the Oval Office on Thursday, August 27, President Donald Trump was asked by reporters whether he would sanction Chinese banks over their transactions with Iran. He replied, "Who says I won't?" He added, "Who says I won't? You don't know if I'm already doing it. I don't have to announce everything, right?"

Treasury Secretary Scott Bessent announced this week that the United States would intensify efforts to bring about the collapse of the Iranian regime through economic sanctions and other measures. These steps include expanding the scope of secondary sanctions threats against countries and entities that continue to conduct business with Iran. China is Iran's largest trading partner, particularly in oil trade. Chinese banks are still processing payments related to the two countries' oil and other trade. To date, the US Treasury has not imposed such sanctions on major Chinese banks, but it has blacklisted several companies in mainland China and Hong Kong, accusing them of assisting the Iranian government and its armed forces.