Trump Says Sanctions on Chinese Firms Buying Iranian Oil Could Be Lifted...Impact on the Summit?

U.S. President Donald Trump and Chinese President Xi Jinping walk and talk in Zhongnanhai, Beijing, on the 15th local time.
[Financial News] U.S. President Donald Trump on the 15th local time suggested that Washington may consider lifting sanctions on Chinese companies that purchased Iranian oil.
Speaking to reporters aboard Air Force One on his return from the state visit to China, Trump said, "I discussed that issue, the sanctions relief, with President Xi," and added that a decision would be made within the next few days.
The U.S. Department of the Treasury designated three individuals and nine companies for sanctions on the 11th for helping Iranian crude oil exports to China. Four of the nine companies were identified as being based in Hong Kong.
The Treasury Department also imposed sanctions on Chinese companies and individuals on the 1st of this month, saying they were used as channels for importing Iranian petroleum products. On the 8th, it said it would sanction Hong Kong companies and individuals involved in supporting Iran's weapons and drone production, intensifying economic pressure on China in connection with the Iran war.
However, Washington's hard-line pressure on China appears to be shifting after the recent summit between Trump and Xi. Trump invited Xi to the White House as a state guest this fall after the meeting, prompting speculation that a mood of U.S.-China "reconciliation" could emerge. Wang Yi, China's foreign minister, said on the same day, "The two leaders agreed to set a 'constructive strategic stability relationship' as the new tone for bilateral ties," and described the meeting as a "historic summit" that featured deep, constructive, and strategic communication. His remarks suggest that the summit was seen as finding common ground rather than merely confirming differences between the two countries. As part of that shift, Washington is also reviewing whether to lift sanctions on Chinese companies involved in Iranian oil exports.
gowell@fnnews.com Kim Hyeong-gu Reporter