U.S. Treasury Secretary Scott Bessent said that the United States would impose the "toughest sanctions in history" on Iran, calling on Beijing to cooperate with Washington, UNN reports, citing Reuters.
Details
Bessent said he would hold a press conference on Monday to discuss the details.
"This is a double blow. We have a blockade (of Iran), and we are going to impose the toughest sanctions in history," Bessent said in an interview with CNBC. "This will work in Iran, and we will dismantle this regime."
"The time has come for our allies and the rest of the world to make a decision," he added.
On Wednesday, U.S. President Donald Trump warned of economic consequences for any country that provides "any kind of support to Iran," as the United States seeks to resolve the war it started together with Israel nearly six months ago.
Trump announced a "devastating economic operation" against Iran20.08.26, 08:59
"I think the oil markets are misinterpreting the significance of this economic pressure," Bessent said. Oil prices rose on Thursday to highs exceeding levels seen three weeks earlier.
"We have asymmetric information, and I am not sure why oil prices rose against this backdrop," Bessent said. "If we exert maximum economic pressure, that likely means there will be no large-scale recovery in production."
"We are confident that everyone wants the Strait of Hormuz to reopen and energy prices to decline," he said. "Do not forget that China gets 50% of its energy from the countries of the Persian Gulf. Therefore, it would be highly beneficial for them to join this program."
We add
According to data from the analytical company Kpler for 2025, China purchases more than 80% of Iran's oil. If the United States launches a further economic war with China, a major exporter to the U.S., including vital rare-earth minerals, it risks facing retaliatory measures.
Iran has endured harsh economic sanctions for nearly 50 years, since the 1979 Islamic Revolution.
Iranian Foreign Minister Abbas Araghchi called Trump's comments an attempt to divert American public attention from domestic financial problems, including record debt and rising interest rates.