China warns of retaliation over US Iran sanctions

China declared on August 25 that it would not cease cooperation with Iran and would take all necessary measures to protect its interests, following the United States' announcement of a major new sanctions package targeting Tehran's financial networks. The response from Beijing sets the stage for heightened friction between the world's two largest economies just weeks before a planned leaders' summit. The U.S. Treasury Department unveiled the sanctions on August 24, targeting nearly 60 individuals, entities, and vessels it said enable the Iranian regime.