Bessent says US to impose toughest-ever sanctions on Iran, urges China to cooperate
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U.S. Treasury Secretary Scott Bessent says Washington will impose “the toughest sanctions in history” on Iran and urges Beijing to cooperate. He adds he will hold a press conference on Monday with details and that oil markets are misinterpreting the economic pressure after crude hit three-week highs.
Key Facts
- U.S. Treasury Secretary Scott Bessent said on August 20 that Washington will impose "the toughest sanctions in history" on Iran.
- Bessent said he would hold a press conference on Monday to discuss details of the sanctions.
- President Donald Trump warned on Wednesday of economic consequences against any country providing "any type of lifeline to Iran."
- China buys more than 80% of Iran's shipped oil, according to 2025 data from analytics firm Kpler.
- Iranian Foreign Minister Abbas Araqchi called Trump's comments an attempt to divert American public opinion from domestic financial problems, including record debt and rising interest rates.
The Sanctions Announcement
Bessent told CNBC that the measures are a "one-two punch" alongside the existing blockade on Iran and said "we are going to collapse this regime." He said it is time for allies and the rest of the world to make a decision. President Trump had warned on Wednesday of economic consequences against any country that provided "any type of lifeline to Iran" as Washington looks to resolve a war it began alongside Israel nearly six months ago. Bessent said he would hold a press conference on Monday to discuss details.
Oil Market Response
Bessent said oil markets are misinterpreting what the economic pressure means, after crude prices climbed to more than three-week highs on Thursday. He said "if we are doing the maximum economic pressure, then that means that likely there will not be a large-scale kinetic restart." He said he was not sure why oil had popped up on this. Bessent said he is confident that everyone wants the Strait of Hormuz reopened and for energy prices to come back down. He added that the Chinese get 50% of their energy from inside the Gulf, so it would do them a big service to get with the program.
China and Iran Reactions
China buys more than 80% of Iran's shipped oil, according to 2025 data from analytics firm Kpler. China's embassy in Washington did not immediately respond to a request for comment on Bessent's remarks. Further U.S. economic warfare with China, a major exporter to the U.S., including vital rare-earth minerals, would risk retaliation. Iranian Foreign Minister Abbas Araqchi called Trump's comments an attempt to divert American public opinion from domestic financial problems, including record debt and rising interest rates. Iran has weathered punishing economic sanctions for nearly 50 years, since the Islamic Revolution of 1979.
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Bessent says US to impose toughest-ever sanctions on Iran, urges China to cooperate
