SCOTT BESSENT STATEMENT
US slaps sanctions on Indian, Turkish firms and people for aiding Iran
The sanctions are part of the Trump administration's "Operation Economic Outcast," which aims to cut off Iran's ability to sell oil to fund the war with the US and Israel. Treasury unveiled the new sanctions a day after Democrats made huge gains in midterm elections, winning control of both houses of Congress as voters expressed anger about the Iran war and its impact in fueling US inflation.
Iran claims Strait of Hormuz control, warns US warships against entering Persian Gulf amid fresh strike threat
Iran has declared full control over the strategic Strait of Hormuz and warned against US military entry. Meanwhile, US officials hinted at the possibility of an imminent strike on Iran amid ongoing diplomatic efforts. Iranian military leaders have dismissed claims of weakened military capabilities and questioned US assertions about Iran's nuclear facilities. Reports indicate that two supertankers recently experienced accidents in the region, although details remain unverified.
Oil exports from Persian Gulf 'surpassed pre-conflict levels', claims US Treasury Secy Bessent
US Treasury Secretary Scott Bessent announced that oil exports from the Persian Gulf have exceeded pre-conflict levels. This development occurred despite ongoing Iranian threats to disrupt energy shipments to global markets. Iranian state media reported two supertankers struck a naval mine near the crucial Strait of Hormuz. The situation escalated with US Ambassador Tom Barrack indicating a potential military strike against Iran.
Iran ships some LPG, jet fuel despite US blockade, data shows
Iran has managed to export limited liquefied petroleum gas and jet fuel despite ongoing US naval blockades. The Iranian methodology involves concealing cargoes among shipments from other Gulf producers off Oman, making it challenging to monitor. Shipping data indicates that a limited number of gas tankers have left the Gulf of Oman since mid-July. The US military maintains that its blockade is effective, consistently monitoring vessel activities.
Strong majority of voters believes Trump is failing at home and abroad: AP-NORC poll
Federal authorities are investigating suspicious mailings received by congressional and election offices across the country. With Election Day approaching, the mailings are deemed potentially hazardous by law enforcement. In time, US President Trump plans to host rallies in support of Republican candidates in Iowa. Candidates are also navigating fundraising challenges as the midterm elections draw near. The political landscape appears increasingly competitive with various races across states tight.
Bessent urges World Bank to end restrictions on upstream oil, gas financing
US Treasury Secretary Scott Bessent urged the World Bank to ease restrictions on oil and gas financing, support deep-sea mining, and reform procurement policies. He also advocated nuclear energy investments and stronger IMF scrutiny of global economic imbalances, reflecting the Trump administration’s push to reshape multilateral institutions around American priorities.
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US hits Bank of America with $1.2 billion fine, says it violated money laundering, sanctions laws
The US Treasury Department announced a $1.2 billion fine against Bank of America for violating anti-money laundering laws. This penalty marks the third-largest ever imposed by the department in its history. Alongside this fine, Bank of America settled for $11.6 million over sanctions violations related to various programs. The bank acknowledged willful violations of the Bank Secrecy Act, emphasizing its commitment to compliance.
Trump's diesel deal with Putin draws criticism from a frustrated Congress
Donald Trump recently announced a controversial agreement with Vladimir Putin to import Russian diesel to the U.S. The deal has drawn bipartisan criticism due to its implications on the ongoing war in Ukraine. Lawmakers have urged Trump to reverse course, citing legal concerns over U.S. sanctions against Russia. Despite the backlash, Trump remains firm in his position, blaming Ukraine for rising diesel prices.
Trump has learnt his India lesson the hard way. Will he own up?
Donald Trump, who imposed an additional 25% tariff on Indian imports to pressure New Delhi to stop buying Russian oil, has agreed to bring Russian diesel into global markets as US fuel prices rise ahead of the November 3 midterm elections.
Republican, Democratic US senators say Trump's diesel deal with Russia is illegal
A bipartisan group of seven US senators has questioned the legality of President Trump's diesel import deal with Russia. They highlight Congress's ban on Russian energy imports established in 2022 due to the Ukraine conflict. The senators argue that Trump's decision violates this law and failed to communicate with Congress. Concerns arise over the potential financial benefits to Russia amidst ongoing civilian casualties in Ukraine.
Trump’s AI liability push opens blame game for models gone rogue
Holding AI developers financially responsible for the safety of their products has won support from Treasury Secretary Scott Bessent and former White House AI czar David Sacks, who argue that existing liability laws would be more effective than new rules.
Why is Donald Trump buying diesel from Vladimir Putin's Russia despite heavy sanctions? What will be impact on Oil prices?
Donald Trump’s shocking announcement comes after he signed a sweeping Russia sanctions law last month that aimed at clamping down on the Russian oil and gas revenues that fuel its war against Ukraine.
US imposes fresh Iran sanctions, targets two Mumbai-based firms, 5 Indian nationals
On Thursday, the US sanctioned two Mumbai-based firms and five individuals involved in Iranian petroleum trade. These firms allegedly facilitated imports from Iran. Individuals linked to these companies are blocked from conducting transactions. The sanctions are part of Operation Economic Outcast aimed at curbing Iranian revenue streams. The US also authorized temporary wind-down transactions for Samudra Marine Services until October 23.
US imposes sanctions targeting 17 vessels of Iran 'shadow fleet'
The United States has imposed sanctions on Iran's shadow fleet of tankers transporting oil. These sanctions target 17 vessels linked to the Iranian economy's petroleum sector. The move aims to reduce funding for Tehran's regional operations amid ongoing tensions. Treasury Secretary Scott Bessent emphasized the sanctions' importance in countering Iranian military actions. President Donald Trump also stated there will be no further military attacks before the midterm elections.
Iran oil minister resigns, replaced by top executive amid US blockade on Tehran's exports
Iranian Oil Minister Mohsen Paknejad has resigned, with National Iranian Oil Company chief Hamid Bovard appointed as acting minister. The resignation comes as the US intensifies its naval blockade and sanctions targeting Iran’s oil revenues amid the ongoing Middle East war.
Trump says Europe to unlock ‘massive amount of Diesel’; G7 agrees 100 million-barrel oil release amid global crunch
US President Donald Trump said Friday that Europe had agreed to release a “massive amount” of heavily stocked diesel oil, with the process beginning immediately. His announcement comes as governments respond to a tightening global diesel market, disrupted supplies and elevated fuel prices, putting strategic inventories under renewed scrutiny.
Dollar dips as oil eases, yen jumps on Japan remarks
The dollar tumbled on Friday amidst softening oil prices, hinting at a cease to its prior gains. In contrast, the yen surged following Japan and the US’s reassertion of their commitment to currency stability. Although oil prices linger above $100 a barrel, alleviating some inflationary pressures, Federal Reserve officials raised alarms over ongoing inflation, prompting expectations for more interest rate increases this year.
Trump gives Xi rare planeside welcome with 30m red carpet; trade truce extended
Chinese President Xi Jinping is visiting Washington to meet US President Donald Trump as part of a three-day event. During the visit, they are extending their trade truce until January 10 to allow further negotiations. The leaders will discuss a variety of topics, including trade, artificial intelligence, and tensions over Taiwan. A formal arrival ceremony at the White House is scheduled, along with a state dinner.
US-China AI talks: A two-power bargain that could leave the world with no say
Donald Trump has rejected international regulations on artificial intelligence while preparing for a critical summit with Xi Jinping. Discussions are expected to focus on AI safety and protecting intellectual property rights amidst rising geopolitical tensions. The contrasting approaches of the US and China highlight differing strategies for AI development and distribution. Both countries are wary of the inherent risks yet reluctant to address global repercussions.
DeepSeek to brief UN Security Council on AI this week, sources say
The 15-member Security Council is set to meet on Wednesday to discuss AI and international security, weeks after several AI industry leaders called for a coordinated slowdown of the development of the increasingly powerful AI systems, warning that they could soon improve on their own and slip beyond human control.
DeepSeek to brief UN Security Council on AI this week, sources say
The Chinese AI startup will brief diplomats alongside representatives from OpenAI and Anthropic, as the UN Security Council weighs the risks posed by increasingly powerful AI systems.
US, China open final trade talks in New York to keep tariff truce alive ahead of Trump-Xi summit
US Treasury Secretary Scott Bessent and China's Vice Premier He Lifeng will meet Sunday in New York. They will discuss trade and other pressure points before a leader summit. Both sides aim to maintain stability in the current tariff truce. New US tariffs have been delayed until after this important meeting. This meeting seeks to prevent further escalation between the two nations.
What will Trump and Xi discuss in Washington next week?
US President Donald Trump will host Chinese President Xi Jinping on September 24 for their second meeting this year, with trade, Taiwan, Iran, artificial intelligence and fentanyl flows among key issues. Washington is seeking trade wins, while Beijing wants further tariff relief and concessions as tensions between the two powers persist.
US Treasury secretary Scott Bessent says rising bond yields due to 'global issues'
US Treasury Secretary Scott Bessent emphasized global challenges as the backdrop for increasing bond yields during his comments to reporters before a congressional hearing. The event was marked by protests advocating for the cessation of sanctions against Iran, momentarily disrupting the discussion. Bessent disclosed ongoing conversations with Chinese officials about Iran's financial connections, while President Donald Trump is set to continue this dialogue with China's Xi Jinping.
US sanctions all remaining Iranian airlines in 'economic D-Day' push, says Tehran's aviation sector is out of the market
The United States has sanctioned all remaining Iranian airlines and supporting companies. These actions target thirty-six entities for aiding Iran's aviation sector. The Treasury Department stated this move aims to choke Tehran financially. Firms in the UAE, Turkey, and Malaysia also face penalties. This escalates economic pressure in the ongoing conflict with Iran.
China-US spat at G20 largely came down to dispute over one word
A G20 finance meeting saw US and Chinese officials disagree over trade language. The core dispute centered on the phrase "non-market" policies and practices. China viewed this term as an attack on its state-owned companies. This disagreement prevented the group from issuing a joint communique. The impasse highlights ongoing trade tensions between the two economic giants.
Saudi Arabia says Iran attacked vessel in Hormuz, killing two sailors
Saudi Arabia reported an Iranian attack on a national oil tanker. This incident tragically killed two Filipino seafarers on Monday. The supertanker Sidr was hit while transiting the Strait of Hormuz. Saudi Arabia stressed the necessity of halting escalations and respecting maritime safety. This follows previous attacks on Bahri vessels in the Red Sea and near Oman.
Scott Bessent huddles with G20 to try to rally allies on Iran as tariffs strain ties
US Treasury Secretary Scott Bessent is meeting with global finance ministers in Asheville this week. He aims to focus discussions on economic growth and managing international debt burdens. The meetings occur as the US escalates sanctions against Iran and faces trade disputes. Bessent seeks international support to isolate Iran and pressure its regime. Global economic conditions are described as unpredictable and foggy by France's finance minister.
Scott Bessent urges G20 to push China to curb exports, boost domestic demand
US Treasury Secretary Scott Bessent will urge G20 members to re-examine trade terms with China. He aims to shrink global imbalances and press Beijing to rebalance its economy. The current flood of exports from China is deemed unsustainable by the US official. Bessent believes other countries must incentivize China to shift away from exports. A G20 joint statement on reducing trade imbalances is being pushed by the US.
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