Experts say Washington is wary of Chinese retaliation for any sanctions on its banks ahead of expected talks next month between US President Donald Trump and Chinese President Xi Jinping, with any curbs on China’s exports of critical minerals especially sensitive.
Asked about Chinese banks on Monday, Bessent said, “We want to make clear here today that no one is above the reach of US sanctions.”
The Chinese foreign ministry said sanctions and pressure tactics do not help and Beijing would do what was necessary to protect China’s interests.
Bessent said the US Treasury Department has mapped the networks, facilitators and financial channels that Iran uses to smuggle oil and evade sanctions. He said Washington would be working with US partners to target any source of Iran’s “illicit revenue.”
