Trump admin unveils anti-Iran global sanctions plan, signals China not exempt

U.S. Treasury Secretary Scott Bessent announces a new set of sanctions against Iran, describing them as "an economic D-Day," in the Cash Room at the Treasury Department on Aug. 24, 2026 in Washington, DC.Chip Somodevilla | Getty ImagesThe Trump administration on Monday unveiled a plan to isolate Iran's economy by threatening to impose secondary sanctions on the "enablers" that allow the Islamic Republic to stay in business.The plan, which the administration dubbed "Operation Economic Outcast" and hyped as Iran's "Economic D-Day," quickly drew questions about whether the U.S. would also go after China, Tehran's top trading partner.This is breaking news. Please refresh for updates.