China Condemns Trump’s Iran Sanctions Threat as Hormuz Traffic Stays at 20% of Pre-War Levels
Updated
Updated · CNN · Aug 22
China Condemns Trump’s Iran Sanctions Threat as Hormuz Traffic Stays at 20% of Pre-War Levels
3 articles · Updated · CNN · Aug 22
Summary
China said Friday that Trump’s threatened “economic D-Day” against Iran does not serve any party’s interests, rejecting Washington’s push for tougher sanctions and urging negotiations instead.
Treasury Secretary Scott Bessent is due to outline what he called “the toughest sanctions in history” on Monday, with the Trump administration preparing a new round of measures to choke off Tehran’s remaining revenue.
Iran also denounced the threat as unlawful and colonialist, while parliament speaker Mohammad Bagher Ghalibaf said Tehran was ready to endure sanctions to defend its “dignity and honor.”
In the Strait of Hormuz, Iran said it would let Iraqi oil tankers pass, but shipping remains severely depressed: crossings rose 27% in the past week yet are still only 20% of the seven-day pre-war average.
The standoff is feeding economic strain beyond the region, with US gasoline averaging $4.11 a gallon on Friday, up $0.97 from a year earlier as war disruptions and export restrictions squeeze refineries.