US demands all countries cut economic ties with Iran

The United States demanded Monday that all countries cut economic ties with Iran, threatening American power against those who refuse, as Treasury Secretary Scott Bessent announced sanctions on 60 additional companies linked to the Iranian economy. Bessent warned of unspecified US punitive measures against nations not isolating Iran, stating "operating in a gray zone regarding Iran is no longer acceptable" and that any economic interaction would expose those responsible to "the full range of American power." China, Turkey, and the UAE are Iran's largest trading partners, with China being the top buyer of Iranian oil. The US has previously sanctioned independent Chinese refineries but not the financial institutions facilitating such transactions. Bessent confirmed Chinese banks could face exclusion from the dollar system, potentially straining Trump's upcoming Washington meeting with President Xi Jinping. Iran dismissed the measures as failed tactics, claiming preparedness with a two-year plan.