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Trump hints at sanctions on Chinese banks over Iran ties before Xi’s expected US visit
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Nayan Sethin WashingtonandHan Liin WashingtonPublished: 6:44am, 28 Aug 2026
US President Donald Trump on Thursday hinted at sanctioning Chinese banks over their commercial links with Iran, just weeks before Chinese leader Xi Jinping is expected to visit Washington for a bilateral summit.
“Who said I’m not?” Trump said in response to a reporter’s question about why the US had not sanctioned Chinese banks for their dealings with Iranian entities.
“Well, I don’t have to announce everything, do I?”
Trump’s remarks come days after Treasury Secretary Scott Bessent announced new sanctions against 60 entities and individuals around the world, including some in mainland China and Hong Kong, and demanded “immediate action” from nations maintaining economic and commercial ties with Iran.
“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,” Bessent said at a press conference on Monday. The administration dubbed the new actions “Economic D-Day”.
The measures were part of the administration’s attempt to put further economic pressure on Tehran after military strikes and diplomatic negotiations failed to reopen the Strait of Hormuz or bring the six-month conflict to an end.
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