Trump administration pivots to economic warfare on Iran

The Trump administration is setting the stage to shift its war campaign toward a more economically focused effort aimed at choking Tehran into submission rather than relying on bombs alone.

Treasury Secretary Scott Bessent told reporters at the White House that the new moves will be “a financial equivalent” of a bombing campaign.

Bessent said companies in countries ranging from the UAE to China that buy Iranian oil or handle Iranian funds could face secondary sanctions.

Bessent told reporters that two Chinese banks have received warnings about handling Iranian money.

President Donald Trump is preparing to visit Beijing next month for talks with Chinese President Xi Jinping.