Trump hints at sanctions on Chinese banks over Iran ties before Xi's expected US visit

President Donald Trump has indicated the possibility of imposing sanctions on Chinese banks due to their commercial relationships with Iran. This statement comes just weeks before Chinese leader Xi Jinping is expected to visit Washington for a bilateral summit.

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Who said I’m not?

Responding to a reporter's question about why the U.S. had not yet sanctioned Chinese banks for their dealings with Iranian entities, Trump cryptically replied, “Who said I’m not?” He added, “Well, I don’t have to announce everything, do I?”

These remarks follow closely on the heels of new sanctions announced by Treasury Secretary Scott Bessent. The U.S. Treasury targeted 60 entities and individuals globally, including some based in mainland China and Hong Kong. Bessent demanded immediate action from nations continuing economic and commercial ties with Iran.

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Well, I don’t have to announce everything, do I?

“Let me be clear: any entity that facilitates money laundering on behalf of Iran will be removed from the U.S. dollar system. The clock just started ticking,” Bessent stated at a press conference on Monday. The administration has labeled these new measures as “Economic D-Day.” The actions are part of a broader strategy to exert further economic pressure on Tehran, especially after military strikes and diplomatic efforts failed to resolve the conflict or reopen the Strait of Hormuz.

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Let me be clear: any entity that facilitates money laundering on behalf of Iran will be removed from the US dollar system. The clock just started ticking.