The US administration intends to impose additional 7.5% tariffs on all Chinese imports ahead of Chinese President Xi Jinping’s planned visit to Washington in September and his talks with Donald Trump. According to Bloomberg, the measure is being justified by accusations that Beijing is creating excess production capacity. Combined with the 12.5% tariffs introduced in late July as part of restrictions targeting 60 countries over allegations of forced labor, the total US tariff rate on Chinese imports will reach roughly 20%.
At the same time, Washington is stepping up financial pressure on Beijing. US Treasury Secretary Scott Bessent told Reuters that secondary sanctions could be imposed on Chinese banks if they continue to facilitate transactions involving purchases of Iranian oil. According to the Treasury chief, energy export revenues allow Tehran to accumulate funds to continue its confrontation with the United States and hinder a peaceful settlement in the Middle East. As a result, Chinese financial institutions could become the next direct targets of US restrictions.
The warning came as the US Treasury announced a new sweeping package of sanctions against Iran, targeting 48 legal entities, 24 individuals, and six oil tankers. The move is part of a broader economic campaign aimed at cutting off five major channels of funding for Tehran, including digital-asset transactions, the technology sector, gold trading, aviation, and maritime deliveries.
