Iran war live: US vows toughest Iran sanctions, urges China support

The US Treasury Secretary has stated that new economic measures will be imposed on Iran, with the aim of causing the government to "collapse." President Trump has threatened severe economic consequences for countries continuing to do business with Iran, specifically mentioning China, which was the largest buyer of Iranian crude oil last year. Experts note that China's imports of Iranian oil have reportedly decreased but are difficult to confirm due to misclassification in customs data. China continued importing Iranian crude even after joint US-Israeli strikes, with imports slowing only after the US imposed a naval blockade in mid-April. Despite sanctions, workarounds are found to continue oil trade, and China is not expected to cease imports entirely.

The US plans to implement "the most crushing economic operation ever taken against any country" against Iran, according to US Treasury Secretary Scott Bessent. This initiative aims to achieve "the greatest co-ordinated economic isolation in the history of the world," with the goal of "squashing" Iran's economy and leading to the "collapse" of its regime. Bessent stated that international trading partners will face consequences from the US Treasury and government if they continue to do business with Iran, such as transferring money or buying its oil. Further details are expected to be released on August 24th. The Iranian economy has historically struggled under existing international sanctions.