Trump threatens Chinese banks with sanctions as U.S.-China officials prepare for Xi's visit

{"

U.S. Sanctions Threat Against Chinese Banks":"U.S. Treasury Secretary Scott Bessent warned that Chinese banks 'turning Iranian oil into money' would be targeted. Trump's comments were made in a Fox News stream of the event. The Chinese response was muted, with Beijing stating it would 'take all necessary measures' to protect itself. The Trump-Xi summit in May marked a shift toward controlled competition, rather than the Biden administration's 'strategic adversary' view on China.","

China's Response to U.S. Sanctions":"Beijing's response was limited, with no specific details provided. A spokesperson for the foreign ministry stated that the two countries were in talks about a Trump-Xi meeting. The U.S. response was seen as 'performative' by some analysts, who interpreted it as signaling that the U.S. is not going after major Chinese financial institutions.","

U.S.-China Trade Truce":"The trade truce between the two countries is expected to remain intact, as the alternative is seen as worse for both sides. China has a legal mechanism in place to comply with U.S. sanctions while prioritizing its own interests."}