Wednesday's sanctions followed new US sanctions on Iran's oil sales to China. 'The United States cannot allow Iran to develop intercontinental ballistic missiles,' US Treasury Secretary Scott Bessent said in a statement.

The United States issued sanctions on Wednesday to target Iranian efforts to domestically manufacture components for ballistic missiles, the U.S. Treasury Department said.

The United States issued new Iran-related sanctions on Wednesday, according to a notice posted to the U.S. Treasury Department's website. The sanctions target individuals and entities in China and Iran,

As Trump tries to gain leverage from tariffs, China is well aware of its strategic ace. So is Tesla CEO Elon Musk.

China has walked back nontariff measures imposed in response to U.S. President Donald Trump's tariff hikes. The suspension, announced Wednesday by the country's Commerce Ministry, covers both trade and investment bans on 17 U.

The United States and China slashed sweeping tariffs on each others' goods for 90 days on Wednesday, marking a temporary de-escalation in a brutal trade war that roiled global markets