US sanctions on Iran fall short of 'economic D-Day' promise

The Trump administration announced sweeping new sanctions against Iran on Monday, calling them an "economic D-Day" and the "endgame" in the US-Israeli conflict, but the measures fell short of that rhetoric. Treasury Secretary Scott Bessent avoided blacklisting Chinese banks that finance Iran's oil trade, citing risks to the global financial system. The sanctions targeted Iran-linked entities, people, and ships but omitted major financial institutions, a step analysts say would require hitting clearing houses in the UAE, Turkey, India, Pakistan, and especially China. Experts noted Bessent's own admission that the move was a "warning shot," not a decisive blow, with the administration constrained by an upcoming visit from Chinese President Xi Jinping and trade war concerns. The administration's unclear goals—whether regime change, negotiation, or control of the Strait of Hormuz—were questioned by former officials. Bessent's speech revived regime change rhetoric, appealing to Iranian soldiers, but analysts doubt Washington will take the risky step of targeting Chinese banks to seriously pressure Tehran.