U.S. plans to sanction another bank in effort to clamp down on Iran transactions, Bessent tells AP
PBS News Hour – Politics — 2026-08-30 17:28:00 — www.pbs.org
President Trump’s Administration Signals “Economic D-Day” Against Iran, Faces Scrutiny Over Reluctance to Sanction Major Partners
The Trump administration has announced plans to intensify economic pressure on Iran, with Treasury Secretary Scott Bessent telling the Associated Press that new sanctions on another bank are imminent. This move is part of what the administration has described as an “economic D-Day” targeting Iran, following decades of existing sanctions and a recent shift away from military strikes.
Despite this aggressive rhetoric, the administration has largely relied on warnings rather than imposing new sanctions on Iran’s trading partners, such as China and India. The administration’s approach has drawn questions about its willingness to confront China, Iran’s largest trading partner and leading oil buyer. Bessent pushed back on this criticism, rejecting the idea that the administration is reluctant to confront China and calling it “a completely false narrative that the media picked up on.” He further claimed that China and the U.S. share an interest in reopening the Strait of Hormuz and preventing Iran from developing a nuclear weapon.
The administration’s first official action in this renewed campaign was a proposed rulemaking that, if finalized, would cut off the Emirati branches of Banque Misr, Egypt’s second-largest bank, from the U.S. financial system. However, by stopping short of imposing direct sanctions on the Egyptian bank, the administration appeared to signal a reluctance to penalize major trading partners.
This approach highlights a contradiction between the administration’s tough public stance and its hesitancy to take concrete action against key economic partners. While promising “financial violence” if necessary, the administration’s reliance on threats rather than immediate sanctions raises questions about the effectiveness and consistency of its strategy.
In summary, President Trump’s administration continues to escalate its economic campaign against Iran, but its selective enforcement and resistance to sanctioning major partners like China and Egypt have fueled skepticism about its commitment to fully isolating Iran. The administration’s rhetoric remains forceful, but its actions suggest a more cautious and calculated approach.