Geopolitics · Friday, 21 August 2026
US Treasury vows to "collapse" Iran's economy as Trump presses China to join
Treasury Secretary Scott Bessent said on 20 August that new sanctions will target Iran's oil smuggling networks, swap lines, exchange houses and ship registries, and called it the toughest economic campaign against any country. President Trump is pressing China, Iran's largest oil buyer, to join in ahead of a planned Xi Jinping visit to Washington on 24 September. Tehran dismissed the threat as economic terrorism. Further measures are expected on 25 August.