China hits out at 'illegal' new US sanctions on Iran and trading partners

Key Points:

• China has strongly opposed the US's plans to expand economic sanctions against Iran and its trading partners, including China, vowing to take "all necessary measures" to protect its interests and asserting that its cooperation with Iran complies with international law.
• US Treasury Secretary Scott Bessent announced the new sanctions, describing them as the "single greatest financial offensive ever" against Iran, warning that any nation or business partnering financially with Iran would face isolation and sanctions enforcement.
• The announcement precedes planned talks between US President Donald Trump and Chinese President Xi Jinping, with Washington cautious of potential Chinese retaliation, especially given China's control over critical rare earth minerals essential for high-tech industries.
• Iran's Economy Minister stated Tehran is prepared for the expanded sanctions and has a two-year plan to manage their impact, viewing the US move as likely to result in another defeat for Washington.
• Analysts express skepticism about the sanctions' immediate effectiveness, noting that China, which buys about 90% of Iran's oil, has historically ignored US unilateral sanctions and is unlikely to change course, limiting the sanctions' short-term impact on Iran's energy revenues.