On the 20th, US Treasury Secretary Besent stated that the US would impose the most severe economic actions in history against Iran, and urged China and American allies to cooperate and join in a large-scale economic pressure campaign against Iran.
He indicated that a press conference would be held next Monday (the 24th) to announce the specific details of the actions.
In an interview with CNBC, he said: “It’s a combination of measures. We’ve already imposed a blockade on Iran, and next will unleash the most severe economic actions in history.”
He said, “The measures we are taking against Iran will be effective and will ultimately lead to the collapse of its regime.”
Besent described this plan as “the largest coordinated economic isolation action on a global scale.”
He stated: “Our allies and other countries around the world must now make a choice.”
Not Supporting is Opposition
He warned that countries not supporting this US economic offensive would be viewed as “standing on the opposite side of us.”
Regarding the international oil price rising on the 20th to its highest level in over three weeks, Besent commented: “I think the oil market has misunderstood the implications of this economic pressure.”
He said: “There is an information asymmetry on our part; I don’t understand why oil prices would go up as a result. If we exert maximum economic pressure, that actually means large-scale military action is unlikely to be restarted.”
However, he also emphasized that this judgment only applies to the current situation.
Pressuring China? Prefer Private Dialogue
When asked whether the US might pressure China, which has economic and trade exchanges with Iran, Besent stated that many issues are best resolved through private dialogue.
He said: “We believe everyone wants to see the Strait of Hormuz reopen and energy prices fall. Don’t forget, 50% of China’s energy comes from the Gulf region. Therefore, cooperating with this action greatly benefits China.”
Besent called on China to “keep pace with us,” and said that if China hopes for the reopening of the Strait of Hormuz and a drop in energy prices, it should join the US action.
According to 2025 data from energy analytics company Kpler, China has purchased over 80% of Iran’s seaborne oil exports, making it Iran’s most important oil buyer.
Iran’s main trading partners also include the UAE, which recently announced the suspension of all trade and financial transactions with Iran until further notice.
Turkey and Russia also have considerable trade with Iran, with Russia’s exchanges with Iran including military equipment.