China Warns US of Retaliation Over Iran Oil Sanctions

China has warned it could retaliate if the United States significantly expands secondary sanctions on Chinese companies doing business with Iran, following new US measures targeting firms in Hong Kong and mainland China as part of a crackdown on Iran's oil trade. The Trump administration's Monday sanctions did not target major Chinese financial institutions, according to the Financial Times. A Chinese foreign ministry spokesperson said Tuesday that Beijing would take "all necessary measures" to safeguard its rights, reiterating opposition to unilateral sanctions lacking UN Security Council authorisation. China is Iran's largest oil customer, with Chinese buyers accounting for about 90% of Iran's oil exports. The warning comes ahead of an expected meeting between Presidents Trump and Xi next month, with experts noting Beijing wants to avoid involvement in a US-Iranian conflict and prefers de-escalation.