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Story summary
- China warned the United States it will retaliate if Washington expands secondary sanctions to Chinese firms.
- U.S. Treasury Secretary Scott Bessent announced Operation Economic Outcast, sanctioning 60 targets including Chinese and Hong Kong firms.
- China purchases about 90 percent of Iran’s oil through small independent refiners called “teapots.”
- Strait of Hormuz traffic fell to about five million barrels daily, far below over 20 million before the war.
