Trump Signals Sanctions on Chinese Banks as Xi Visit Talks Advance in Weeks
Updated
Updated · CNBC · Aug 28
Trump Signals Sanctions on Chinese Banks as Xi Visit Talks Advance in Weeks
3 articles · Updated · CNBC · Aug 28
Summary
Trump said Thursday he could sanction Chinese banks, escalating pressure tied to U.S. secondary sanctions on Iran even as Washington and Beijing keep high-level contacts moving.
Wednesday talks in Beijing between Ambassador David Perdue, Foreign Minister Wang Yi and other officials focused on Xi Jinping’s upcoming Washington visit, which Trump said could come within weeks.
Scott Bessent had warned Monday that any Chinese banks helping turn Iranian oil into money “will be targeted,” but officials have offered few specifics on actual enforcement.
Beijing’s response has been muted—promising “necessary measures” without details—while analysts say the threat looks more like a warning than a move against major Chinese financial institutions.
That balancing act suggests the U.S.-China trade truce is likely to hold, with both sides pursuing controlled competition rather than letting Iran sanctions derail broader ties.