Reuters Trade and Global Economy Correspondent David Lawder explains the real economic impact of the United States' expanded sanctions campaign against Iran, warning that countries and companies continuing to do business with Tehran could face secondary sanctions and potentially lose access to the US dollar-based financial system. Lawder explains how banks facilitating Iranian oil transactions or dollar payments could be placed on the Treasury's blacklist, a move he says could be devastating for established international banks and companies that depend on dollar transactions. He also examines the major unanswered question surrounding China, noting that the announcement did not specifically target Chinese financial institutions and that Washington must weigh the consequences for the fragile US-China relationship ahead of an expected Trump-Xi summit.

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