Oil importer China won’t aid Trump economic warfare against Iran

August 22, 2026
Stephen Prager

Factor in the US midterms when calculaitng Trump’s willingness to retaliate via economic war with the third-largest US trading partner

 

Hengli Petrochemical Co operates a 20-million-tons-per-year refining and petrochemical complex on Dalian’s Changxing Island. On Friday, the US Treasury Department added the refinery to its sanctions list. This marks Washington’s most significant action yet against China’s refining industry and highlights its determination to increase pressure on Iran, even just weeks ahead of a much-anticipated meeting between President Donald Trump and Chinese President Xi Jinping, according to a Bloomberg report. But how much farther will he be willing to go in view of upcoming US midterm elections? Photo: Baidu.com, Hengli Group