Trump says all mines cleared from Strait of Hormuz

US Treasury Secretary Scott Bessent warned that any nation financially partnering with Iran would be isolated.Iran and the US signed a Memorandum of Understanding (MoU) in June - a 14-point document which set a 60-day deadline to reach a deal on the Strait of Hormuz, before substantial negotiations on resolving the nuclear issue - allegations that Iran is building a nuclear weapon, which Tehran has consistently denied.However, that deadline has now expired and talks have collapsed leading to the new US sanctions that Trump believes will lead to the collapse of the Iranian regime.Iran has been under sanctions for most of the time since the founding of the Islamic Republic in 1979 and Economy Minister Ali Madanizadeh said Tehran was "fully prepared" for the wider sanctions, which he added would lead to "another defeat" for the US.Its economy, however, has suffered as a result of the war - and a blockade of Iranian ports that the US has been maintaining for weeks not to allow trade to continue. On Tuesday, China - the biggest buyer of Iranian oil - said it was firmly opposed to what it called the US's "illegal unilateral sanctions" and would take "all necessary measures" to safeguard its rights. The US announcement comes ahead of planned talks between Trump and Chinese President Xi Jinping next month.Washington is likely to be wary of potential retaliation from Beijing, which processes the majority of the world's rare earths and other critical minerals, crucial in the manufacture of many high-tech products.