US plans to expand Iran sanctions and address China trade at G20

Following the G20 Finance Ministers and Central Bank Governors meeting in Asheville, North Carolina, US Treasury Secretary Scott Bessent announced plans to expand economic sanctions against Iran. The proposed measures may target the aviation, maritime shipping, and digital asset sectors to curb Iran's economic activities.

Bessent stated that Washington is systematically monitoring and investigating entities, individuals, and countries that facilitate Iran's economic operations. He issued a warning to businesses and organizations to avoid commercial ties with Iran and Russia to prevent being targeted by US enforcement.

Regarding global trade, Bessent addressed China's economic policies during the G20 summit. He noted that 19 G20 members agreed that the continuous flow of cheap exports from non-market economies is unsustainable. Bessent identified China as the sole dissenting voice, criticizing its massive current account surplus and urging allies to take protective measures to safeguard their own domestic production and employment against the influx of Chinese goods.