What specific economic isolation plan did Treasury Secretary Scott Bessent announce, and when will details be revealed?

Treasury Secretary Scott Bessent announced that the US will soon unveil its plan to economically isolate Iran and its trading partners, with a press conference scheduled for Monday to 'talk about exactly what we’re going to do.' He described it as 'the greatest coordinated economic isolation in the history of the world' and emphasized pressing US allies to choose sides — 'You are either with us or against us.' Neither Trump nor Bessent specified the exact measures or targeted countries in the statement.

Why is China a central focus of the US economic pressure strategy against Iran, and how did Beijing respond?

China is central because it buys the bulk of Iran’s oil, and Bessent highlighted that 'the Chinese get 50% of their energy from inside from the Gulf,' implying strategic vulnerability and incentive to cooperate. When asked if China would be targeted, Bessent declined to confirm publicly, saying 'many conversations are best to have in private,' while stressing the importance of reopening the Strait of Hormuz. In response, Beijing stated that sanctions and pressure 'wouldn’t work' and called for a diplomatic resolution, rejecting the US approach outright.

US Treasury Details Plan to Economically Isolate Iran as Oil Prices Rise

Aug 20, 2026

US Treasury Secretary Scott Bessent outlined plans to economically isolate Iran, pushing Brent crude prices to $94 per barrel amidst Strait of Hormuz concerns. The initiative targets trading partners like China to force Tehran into negotiations.

bloomberg

2026-05-03

Bessent Says US Is 'Suffocating' Iran With Oil Industry Creaking

2026-06-04

Bessent Says US Could Grant Country-Specific Waivers for Russian Oil

2026-06-30

Bessent Says Only China Is Buying Iranian Oil, Others Are Wary

2026-07-21

Bessent Says China's Iranian Oil Purchases Have Decreased

2026-08-15

What Bessent’s Economic Isolation of Iran Could Look Like