Scott Bessent Accuses China of Bankrolling Iran

US Treasury Secretary Scott Bessent leveled a blunt accusation at China on Monday, claiming Beijing has been directly financing Iran’s state apparatus through massive energy purchases.

“Iran is the largest state sponsor of terrorism, and China has been buying 90 percent of their energy, so they are funding the largest state sponsor of terrorism,” Bessent told Fox News.

The timing of his remarks raises eyebrows, coming just days before President Donald Trump’s scheduled visit to Beijing for talks with Chinese leader Xi Jinping. Rather than simply condemn Chinese-Iranian ties, however, Bessent extended an unusual olive branch: he wants Beijing to use its financial leverage to pressure Tehran into reopening the Strait of Hormuz.

“I would urge the Chinese to join us in supporting this international operation,” Bessent said, referring to Trump’s “Project Freedom” initiative announced Sunday. That operation aims to guide ships through the critical waterway, which Iran has effectively blockaded in recent weeks.

Bessent doubled down on American maritime dominance, declaring flatly: “We have absolute control of the strait.” Yet his call for Chinese assistance suggests the administration recognizes that economic pressure from Beijing could accomplish what American military posturing alone cannot.

The diplomatic friction runs deeper. China and Russia both vetoed a UN Security Council resolution condemning Iran’s blockade earlier this month. Chinese Ambassador Fu Cong objected that the draft resolution was one-sided, failing to acknowledge US and Israeli strikes against Iranian targets.

Bessent also referenced Trump’s broader “maximum pressure” campaign against Iran’s energy sector, which intensified after the administration withdrew from the nuclear deal in 2018. Recent US sanctions targeted Chinese entities involved in the Iranian oil trade, prompting Beijing to issue its own sharp rebuke about American overreach.

The tensions highlight a fundamental contradiction in US strategy: simultaneously pressuring China while requesting its cooperation. Trump’s administration has signaled a pivot toward Western Hemisphere concerns, yet Iran policy continues demanding Asia-Pacific engagement.

Bessent struck a more conciliatory note when discussing overall US-China relations, crediting Trump and Xi with maintaining stability through mutual respect. The upcoming summit, he suggested, offers both leaders a chance to work through disagreements in person.