US and Iran trade threats before new sanctions
Thestandard · 3 SOURCESabout 2 hours ago2 MIN
Summary
The United States and Iran exchanged increasingly defiant messages before Washington’s scheduled Monday announcement of new economic sanctions on Tehran. U.S. Treasury Secretary Scott Bessent is due to speak at 2 p.m. EDT, after promising what he called “the toughest sanctions in history,” while President Donald Trump said Iran wanted a deal but was not ready for the “right deal.” Iranian officials, including Foreign Ministry spokesperson Esmaeil Baghaei and Foreign Minister Abbas Araqchi, said the sanctions were unlawful, would fail, and could trigger consequences for countries seen as supporting them. The confrontation comes with the war nearing six months and with traffic through the Strait of Hormuz still close to a standstill, adding pressure to oil markets and regional diplomacy.
Key Points
- Scott Bessent is scheduled to hold a 2 p.m. EDT press conference on Monday to unveil new U.S. sanctions on Iran.
- Bessent has described the coming measures as “the toughest sanctions in history” and urged China to cooperate with Washington.
- China buys more than 80% of Iran’s shipped oil, according to 2025 Kpler data, while Beijing has publicly called for diplomacy.
- Esmaeil Baghaei said secondary sanctions had no basis in international law and called them an assertion of extraterritorial sovereignty
- Iran’s currency fell to a record low on Monday, as Tehran warned any country backing the sanctions could face a harsh response
Why It Matters
For Hong Kong readers, the immediate consequence is the risk of higher energy and shipping costs if the Strait of Hormuz remains effectively blocked and oil flows stay disrupted. The dispute also matters because China is Iran’s main oil buyer, so any tougher U.S. secondary sanctions could complicate regional trade and financial dealings linked to Chinese markets.