WASHINGTON — President Trump rejected claims he asked Chinese President Xi Jinping for "favors" regarding Iran, saying his administration operates without such requests. The denial came during a White House press briefing Friday, pushing back on speculation about U.S. leverage over Beijing's economic ties to Tehran.
Trump has pursued a maximum pressure campaign against Iran since taking office in January 2025, aiming to cut off its revenue streams.
China remains the primary buyer of Iranian crude oil, importing an estimated 1.1 million barrels per day in April, shipping data shows. This trade provides Iran with billions in revenue, directly undermining U.S. sanctions designed to cripple Tehran's nuclear program and regional proxy groups. The continued flow of oil benefits Chinese state-owned energy giants, which secure discounted crude, and Iran's new Guard Corps, which controls much of the oil infrastructure.
U.S. Treasury Department officials have targeted Chinese firms like Zhoushan Xinhu Energy Co. for facilitating Iranian oil shipments, imposing sanctions on their executives and assets. However, these enforcement actions have not fully deterred the trade, with China's energy security remaining a priority for Beijing.
Lobbying efforts around U.S.-China-Iran policy are intense. Organizations like United Against Nuclear Iran spent $1.2 million in the first quarter lobbying Congress and the executive branch for stricter sanctions enforcement on Chinese entities. Their efforts push for greater financial pressure on companies that provide shipping, insurance and banking services for Iranian oil sales, impacting global logistics and financial firms.
Any shift in Beijing's policy on Iranian oil could impact global energy markets. The ongoing geopolitical tension contributes to market volatility, with crude prices seeing fluctuations this week.
