Trump hints at potential sanctions on Chinese banks over Iran ties

President Donald Trump offered a two-word response that sent a clear signal to Beijing. When reporters asked why he hasn’t sanctioned Chinese banks over their transactions with Iran, Trump replied from the Oval Office: “Who said I’m not?” The remark landed just two days after Treasury Secretary Scott Bessent unveiled “Operation Economic Outcast,” a sweeping expansion of secondary sanctions against Iran that designated over 60 entities across multiple sectors. None of those entities were major Chinese banks. What Operation Economic Outcast actually covers Announced on August 25, the Treasury’s latest sanctions package broadened US authority across five specific sectors tied to Iran’s economy: digital assets, technology, gold, aviation, and shipping. The targets included smaller Chinese companies involved in facilitating Iranian trade, but conspicuously excluded the large state-backed financial institutions that lawmakers on both sides of the aisle have been demanding action against. That omission isn’t accidental. The administration is reportedly trying to thread a diplomatic needle, applying maximum pressure on Tehran’s revenue streams while keeping relations with Beijing functiona...