Trump: China can “continue” to buy Iran, but Beijing hopes we can buy crude oil instead
US President Donald Trump on Tuesday appears to be proposing a policy change against Iran, suggesting that one of Iran’s few allies and major trading partners, China, is allowed to buy Iranian oil.
in Tuesday’s social media post“China can now continue to buy oil from Iran.” It would be a major change in the US policy of trying to constrain Iran’s oil trade, including China, to other parts of the world.
The White House later made clear to the media that Trump “is only paying attention to the fact that the Strait of Hormuz has not been affected due to the decisive action that wiped out Iran’s nuclear facilities and broker the ceasefire between Israel and Iran.” Officials also confirmed that US sanctions remain on countries that import Iran’s oil.
China currently purchases around 90% of Iran’s oil exports. Reuters. However, US sanctions against Iran have caused the oil to be transported in a shadow fleet other than a regulated transport system. The shipper then sells the origin before selling it to an independent refinery in China. These “teapot” refineries also often carry out this trade under China. Avoid using of the US dollar-based financial system.
Iran’s sanctions on oil were a key part of the US “maximum pressure” campaign against Iran, with Trump following during his first term, bringing back this February. in Early MayTrump threatened to impose immediate secondary sanctions on those who purchase “an amount of oil or petrochemists from Iran.”
China has not officially approved the purchase of oil from Iran Since 2022.
Still, on Tuesday, Trump proposed that Beijing consider another source of its oil. “Hopefully they’ll buy a lot of (of oil) from the US,” he wrote on social media Tuesday.
“The president continues to appeal to China and all countries to import cutting-edge oil,” an unnamed White House official said. Reuters.
China currently imports just 2% of its oil from the US, compared to about 14% from Iran. Beijing also imposed a 10% tariff on US oil earlier this year, in response to Trump’s 20% tariff in connection with alleged fentanyl smuggling.
Brent crude has risen by about 0.6% as of 5:30am Eastern time, as traders assess the stability of the uneasy ceasefire between Iran and Israel. The ceasefire appeared to be taking place on Wednesday despite allegations of ceasefire violation by both sides on Tuesday.
Trump on Wednesday brought Iran’s nuclear program back to “decades” by claiming that the US was on strike over the weekend. Preliminary US intelligence report It suggests they led to a delay of several months.