Trump targets Iran’s trade lifelines — here are the countries most exposed

A man holds the Iranian toman equivalent of 1 USD as US dollars selling rate on the free market reaches an all-time high, hitting the 200,000 toman mark in Tehran, Iran on Aug. 24, 2026. Fatemeh Bahrami | Anadolu | Getty ImagesThe U.S. announced an "economic D-Day" campaign Monday to isolate Iran from the global economy, threatening penalties against "enablers" that continue doing business with Tehran.The move is part of Washington's bid to sever the trade lifeline that has sustained Tehran's economy through nearly six months of war. Skepticism persists over whether the Trump administration will follow through, but the threat could still put the U.S. on a collision course with a group of governments that account for most of what remains of Iran's foreign trade. ChinaChina is the biggest buyer of Iranian oil and serves as a crucial link to the global economy for Tehran, accounting for about 90% of its oil exports, according to the U.S. government. China reported $9.96 billion in bilateral trade with Iran in 2025, excluding the roughly $31.2 billion in unreported Iranian crude oil exports to China that year, according to the U.S.-China Economic and Security Review Commission. Indepen...