US Sanctions Iran, Warns China on Dollar System Access

The United States announced expanded secondary sanctions targeting Iran's digital assets, technology, gold, aviation, and maritime sectors. Treasury Secretary Scott Bessent warned that entities doing business with Tehran would be excluded from the dollar system, explicitly stating China is not exempt. Bessent stated the US is giving nations time to adjust their behavior before imposing secondary sanctions, saying "we will move very quickly and we are very serious." The measures aim to pressure Iran's economy, which has seen its currency fall to a record low of 1.992 million rials per dollar. Iran responded by warning that countries joining the US economic pressure campaign will face "consequences" and be considered enemies. Separately, an Iranian official said the Strait of Hormuz remains closed until the US changes its approach, while Houthi rebels claimed an attack on a Saudi tanker in the Red Sea.