U.S. Treasury Secretary Scott Bessent just blacklisted nearly 60 Chinese and Hong Kong entities in a massive targeted crackdown called Operation Economic Outcast. Front companies like Hong Kong based Sweet Ocean Industrial Limited were exposed for funneling sensitive laser optics and guidance accelerometers directly to Iran's ballistic missile and nuclear research programs. Yet the Treasury deliberately left China's massive state banks completely untouched. U.S. officials pulled their punches on major financial institutions to protect vital tungsten imports, prevent a global market shock, and preserve the upcoming summit between President Trump and Chinese leader Xi Jinping. Beijing's Foreign Ministry slammed the move, insisting that trade with Tehran is entirely legitimate and vowing to protect its strategic interests.
