US Sanctions Warning on Iran Trade Partners Hits China, UAE

U.S. Treasury Secretary Bessent warned countries with economic ties to Iran of serious consequences on August 24, stating deadlines have been set for halting identified activities and that unilateral measures may follow. Bessent did not name specific countries, but experts told CNN that China, India, Turkey, Iraq, and the UAE face the highest risk of U.S. action. China is Iran's largest trading partner and top oil buyer, with 2022 exports to China worth $22.4 billion. Some experts doubt the U.S. will take strong action against China, given a potential visit by President Xi Jinping, noting Washington has never imposed harsh sanctions on Beijing. The UAE recently announced it would suspend all trade with Iran until further notice.