Dozens of Chinese Firms Hit By Bessent’s D-Day Iran Sanctions

The Trump administration expanded Iran-related sanctions, sweeping in businesses in China and Hong Kong while stopping short of targeting major Chinese financial institutions. The partial scope increases compliance and counterparty risk for China/HK exporters and trading firms, though the carve-out reduces the immediate blow to Chinese banking channels. Net effect: cautious risk sentiment rather than a full-scale financial market shock.