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TWN
Info Service on WTO and Trade Issues (Apr26/12) Yerevan, 17 Apr (D. Ravi Kanth) -- China on 16 April hit back against threats of illegal sanctions, including reversing decisions to allow oil to be sold by Iran and Russia - as proposed by the United States Treasury Secretary - in what appears to be a desperate attempt to force Tehran, Beijing, and Moscow to fall in line with Washington's "hegemonic" posture, media reports have suggested. Beijing's Foreign Ministry spokesperson, Guo Jiakun, said China has consistently opposed illegal unilateral sanctions that lack a basis in international law and are not authorized by the United Nations Security Council. He was commenting on the US Treasury Secretary Scott Bessent's remarks at a White House press briefing, according to a report in China's Global Times. Even as Pakistan's mediatory efforts appear to have reached a crucial stage in securing an immediate truce between the US and Iran - including a possible extension of the ceasefire set to expire on 21 April - Washington seems to be pursuing a dual-track approach, expressing hopes of a breakthrough with Iran, on the one hand. On the other hand, it appears to be escalating threats of coercive military action, coupled with "predatory" economic sanctions - including secondary sanctions - against Iran and other countries, based on remarks by US President Donald Trump and his Treasury Secretary Bessent. With Iran having seemingly devised a new "strategic" response to counter operation "Epic Fury" - described as one of the worst illegal wars launched on 28 February by the US-Israel axis - the Trump administration appears to be in a difficult position. Iranian actions have reportedly shaken the global economy, pushing oil and liquefied natural gas (LNG) prices to highs not seen in the recent past, media reports suggested. Amid this complex global situation, and with Washington seemingly failing to achieve its objectives of regime change and curbing Iran's peaceful nuclear activity, President Trump has continued posting messages on his Truth Social platform that appear increasingly puzzling. On 15 April, President Trump wrote on Truth Social that "China is very happy that I am permanently opening the Strait of Hormuz." Even though he launched the illegal war against Iran - prompting many countries to distance themselves from Washington - President Trump continued, somewhat audaciously, that "I am doing it for them [China], also - And the World." Having seemingly entered a self-created quagmire by waging war against Iran with advanced weaponry, President Trump asserted that "this situation will never happen again. They [China] have agreed not to send weapons to Iran." In a further wishful claim, he wrote that "President Xi will give me a big, fat, hug when I get there in a few weeks." President Trump is planning to visit Beijing next month. "We [he and President Xi Jinping] are working together smartly, and very well!" He then asked rhetorically, "doesn't that beat fighting???" He followed it up by answering his own question: "BUT REMEMBER, we are very good at fighting, if we have to - far better than anyone else!!!", despite what several analysts describe as a loss of face following the US confrontation with Iran. China, notably, has not responded to President Trump's claims so far, raising questions about whether President Xi made any such assurances. As for a ceasefire extension and a second round of US-Iran negotiations in Islamabad, clarity remains elusive. A White House spokesperson said on 15 April that Washington has not "formally requested an extension of the ceasefire. That is not true at this moment." However, "we remain very much engaged in these negotiations, in these talks," the spokesperson added. Discussions are ongoing, the spokesperson said, emphasizing that nothing "is official until you hear it from us here at the White House." "But, we feel good about the prospects of a deal," the spokesperson said, citing President Trump's statement. The White House also continued to praise Pakistan, calling it "incredible mediators throughout this process, and we really appreciate their friendship and their efforts to bring this deal to a close." OPERATION ECONOMIC FURY While the US appears to be tightening a military blockade on shipping through the Strait of Hormuz via its naval presence, analysts who requested anonymity said that economic sanctions are not having the intended impact. The US Treasury Secretary rejected that assessment, saying that this "is not a correct characterization," adding that on 14 April "we announced Operation Economic Fury, and we, for over a year, we have had maximum pressure on the Iranians, both on blocking payments into the Iranian state and going after the accounts of the IRGC [Iranian Revolutionary Guards Corp]." He further said "one of what may prove to be fatal mistakes that the Iranians made was bombing their GCC neighbours, and who are now willing to be much more transparent in terms of the funds, or do a deeper dive in investigating the funds that are held within their banking systems." The US has also "pushed out to them the request that we want to freeze more funds of the leadership of the IRGC and any member of the Iranian leadership." Elaborating, he said, "The other thing that we have done is we have told companies, we have told countries that if you are buying Iranian oil, that if Iranian money is sitting in your banks, we are now willing to apply secondary sanctions, which is a very stern measure, and the Iranians should know that this is going to be the financial equivalent of what we saw in the kinetic activities." On the proposed 50 percent tariff on Chinese goods over China's alleged arms exports to Iran, the Treasury Secretary said that correspondence between the US President and President Xi "assured the president that they are not supplying Iran with weapons throughout this conflict, and that assurance was made to the president." Bessent said that he does not have "any update on the issue of tariffs but an update on sanctions." He acknowledged that "China was purchasing more than 90% of their oil, which was about 8% of China's energy needs," adding that "there will be a pause of Chinese buying, but I will tell you that two Chinese banks received letters from the US Treasury. I'm not going to identify the banks, but we told them that if we can prove that there is Iranian money flowing through your accounts, then we are willing to put on secondary sanctions." CEASEFIRE IN LEBANON After prolonged bombardment, Israel is reportedly being pushed toward agreeing to a ten-day ceasefire with the Lebanese government. In a Truth Social post late afternoon of 16 April, President Trump said that he "just had excellent conversations with the Highly Respected President Joseph Aoun, of Lebanon, and Prime Minister Bibi Netanyahu, of Israel." According to President Trump, "These two Leaders have agreed that in order to achieve PEACE between their Countries, they will formally begin a 10 Day CEASEFIRE at 5 P.M. EST (which is around 11 pm GMT)." In another post, he said that "in addition to the statement just issued, I will be inviting the Prime Minister of Israel, Bibi Netanyahu, and the President of Lebanon, Joseph Aoun, to the White House for the first meaningful talks between Israel and Lebanon since 1983, a very long time ago. Both sides want to see PEACE, and I believe that will happen, quickly!" Despite these developments, analysts remain sceptical about Prime Minister Netanyahu's military actions in Lebanon. In sum, even if the Israel-Lebanon ceasefire reflects one of the conditions outlined in Iran's 10-point plan, the situation remains fluid - with Israel continuing to complicate prospects for lasting peace in the Middle East, several analysts said across various channels. +
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