[Trump's Iran sanctions plan](https://www.cnbc.com/2026/08/24/trump-iran-economy-sanctions-china-bessent.html) is being priced as an energy tailwind, but it's actually a credit warning. Secondary sanctions on China are a neon sign that Washington sees a liquidity crisis coming. When you start weaponizing trade to FORCE capital repatriation, you're not optimizing—you're desperate.

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