US Treasury Secretary Scott Bessent launched on August 24 Operation Economic Outcast, a sanctions package targeting more than 60 entities linked to Iran’s oil exports, nuclear programs, and cyber operations. The core challenge is that China purchases between 80% and 90% of Iran’s seaborne oil exports, yet the administration has deliberately avoided imposing broad secondary sanctions on major Chinese financial institutions. Oil prices barely moved after the announcement, raising doubts about the real effectiveness of this campaign without directly confronting Beijing. The key variable to watch is the summit scheduled for September 2026 between Trump and Xi.
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