Bessent warns of secondary sanctions on nations trading with Iran, won't specify China

Treasury Secretary Scott Bessent told CNBC that nations — not just companies — trading with Iran face secondary sanctions, which penalize third parties doing business with a targeted country. He called it the "greatest coordinated economic isolation in history." China buys about 90 percent of Iranian oil. Bessent declined to say whether China would be targeted. He is expected to detail the plan Monday.