Archive · 28 Aug 2026
Trump Signals Possible Sanctions on Chinese Banks Over Iran
President Donald Trump suggested that the United States might punish Chinese banks that help trade with Iran.
He did not clearly say whether sanctions had already been decided.
Trump made the comment during an event in the Oval Office.
China is Iran’s biggest trading partner, especially for oil.
Chinese banks handle payments connected to this trade.
The United States wants to put more economic pressure on Iran.
Treasury Secretary Scott Bessent said the broader campaign aims to weaken or “collapse” the Iranian government.
China says these kinds of American sanctions are illegal.
President Donald Trump hinted that the United States could sanction Chinese banks over transactions linked to Iran.
The possible measures would significantly escalate Washington’s campaign to economically isolate Tehran.
Treasury Secretary Scott Bessent said the United States was intensifying sanctions and other efforts to “collapse” the Iranian government.
China is Iran’s largest trading partner, particularly in oil, and Chinese banks process related payments.
The United States has sanctioned several Chinese companies but has not imposed sanctions on major Chinese banks; China calls the secondary sanctions illegal.
- Who
- President Donald Trump, Treasury Secretary Scott Bessent, the United States, China, and Iran.
- What
- Trump hinted that the United States could impose sanctions on Chinese banks involved in transactions with Iran.
- When
- Trump made the remarks on Thursday; the report was published August 28, 2026.
- Where
- Trump spoke during an event in the Oval Office; the potential sanctions concern China-Iran trade.
- Why
- The United States is expanding economic pressure intended to isolate Iran and weaken its government.
United States pressure campaign
China’s opposition
Secondary sanctions
United States pressure campaign
The United States is broadening threats to sanction countries and financial institutions that continue doing business with Iran.
China’s opposition
China opposes U.S. secondary sanctions related to Iran and describes them as illegal.
Targeting Chinese banks
United States pressure campaign
The Trump administration may sanction Chinese banks involved in Iran-related transactions, although no major-bank sanctions have been announced.
China’s opposition
Chinese banks continue processing payments tied to oil and other trade with Iran, while Beijing rejects the legality of the U.S. pressure campaign.
Pressure on Iran
United States pressure campaign
U.S. officials say sanctions and other measures are being intensified to economically isolate Iran and “collapse” its government.
China’s opposition
The articles report China’s objection to the sanctions but do not provide a detailed Chinese alternative policy.
- Potential targets
- Chinese banks handling payments connected to trade with Iran
- Broader U.S. campaign
- Expanded secondary sanctions against countries that continue doing business with Iran
- China-Iran trade
- China is Iran’s largest trading partner, with oil a particularly important part of their economic ties
- Existing sanctions
- The United States has sanctioned several companies in mainland China and Hong Kong accused of aiding Iran’s government and armed forces
- Major Chinese banks
- The U.S. Treasury has not so far sanctioned major Chinese banks
- China’s position
- Beijing describes U.S. secondary sanctions related to Iran as illegal
- Oval Office remark
- Trump responded to questions about possible sanctions by saying, “Who said I’m not?”
