U.S. and China face off in Iranian conflict
By Dr. Cyril Widdershoven – Berry Commodities – Global Head of Strategy & Risk
China?s relationship with Iran is being put to the test after US president Trump slammed sanctions on Chinese state-run energy company Zhuhai Zhenrong for allegedly violating restrictions imposed on Iran?s oil sector.
U.S. Secretary of State Mike Pompeo stated that the sanctions were put in place as the company engaged in the sale and delivery of Iranian oil without a waiver provided by Washington. This action can be seen as another step in Trump?s sanctions agenda to bring the regime on its knees. The crisis between Iran and Washington is heating up, but will also involve China as the Asian giant is still Iran?s largest oil importer. Trump seems to be willing not only to take risks in the Persian Gulf but to also take a stance in the ongoing Chinese-US trade war.