From The Economist's news feed.
"▸ China warned that America’s threat of “economic warfare” against Iran and its trading partners would not work. A spokesman called for diplomatic solutions after America’s treasury secretary, Scott Bessent, said that China, which buys more than 80% of Iran’s exported oil, needed to “get with the programme”. The argument comes at a delicate time: Xi Jinping, China’s president, is due to visit Washington next month.
▸ Meanwhile, Mr Bessent’s attempt to tame America’s bond market faltered. Yields on 30-year Treasuries rose yesterday, reversing some of the decline that followed the treasury secretary’s announcement on Wednesday of larger debt buybacks in future. “Anything that happens within a 24-hour period is noise,” Mr Bessent said in response. He also hinted that there could be further interventions. Investors remain concerned about inflation and government debt, which this week exceeded $40trn for the first time."
Trump & Co. just keep shooting themselves in their feet.