WASHINGTON, Aug. 24 -- The numbers tell the story more clearly than the press releases. China buys roughly 90 percent of Iran's exported oil, some $31.2 billion worth each year. Treasury Secretary Scott Bessent announced Monday what the White House is calling "Economic D-Day" against Iran, a package he described as "the toughest sanctions in history" and "the greatest coordinated economic isolation in the history of the world." Chinese financial institutions, which underpin every barrel of that trade, were not among the named targets.

The omission is not accidental. Donald Trump and Xi Jinping are scheduled to meet at a summit on September 24 that both governments have described as a landmark effort to stabilize their relationship after ...