While this (Cease fire between Israel and Hezbollah) is a welcome development, the Trump administration is rejecting another critical Iranian prerequisite for negotiations to end the war, i.e., Iran’s demand that sanctions be lifted. Instead of lifting sanctions, the US Secretary of the Treasury announced a new round of sweeping sanctions that are aimed at Iran and China.
Scott Bessent made several strong statements in on April 14–15 about intensifying economic pressure on Iran through sanctions, with a direct focus on China as Iran’s main oil buyer. Bessent described the new sanctions push as the “financial equivalent” of the earlier US/Israeli kinetic (military) strikes on Iran. He called it part of “Operation Economic Fury”, aimed at cutting off Iran’s revenue streams, especially from illicit oil sales and smuggling networks.
Any hope that the US could use China to pressure Iran to open the Strait of Hormuz is dashed. This lame, feeble attempt to bully China is backfiring as I write this. Chinese financial analyst, Sean Foo, is gobsmacked by the audacity of Bessent’s threats. China has received the message. Unless the US reverses course, there will be no meeting between Xi Jinping and Trump in China.
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