Treasury Secretary Scott Bessent began the week promising an "economic onslaught" against Iran and its trading partners, but the campaign produced limited visible results by week’s end. China, which buys 90% of Iran’s oil, warned Washington rather than retreating. Iranian bank branches remained open in Dubai, including a Bank Melli branch in Abu Dhabi, while commercial flights continued between Iran and Turkey and between Iran and the United Arab Emirates. Flights to Thailand, Azerbaijan, several destinations in Russia and multiple locations in China were also unaffected. The UAE had said earlier this month that it would cut financial ties with Iran, but described that step as a sovereign decision based on its national interest and regional-security requirements. The US ultimately announced plans to sanction UAE-based branches of Egypt’s Banque Misr, falling short of Bessent’s expectation of a major financial-institution sanction. Analysts said the action did not match the rhetoric and questioned whether sanctions could influence Tehran without targeting Chinese financial institutions. The Treasury’s strategy faces a central trade-off: hitting China could trigger retaliation and wider economic damage, while avoiding it could leave Iran under pressure without changing its strategic calculations. Bessent compared the campaign with the 1944 D-Day landings but acknowledged that moving too quickly or aggressively could damage the global financial system. The US also pursued quiet diplomacy, including seeking British support, while Bessent was expected to discuss the issue with finance ministers at a Group of 20 gathering in Asheville, North Carolina. Turkey said it had received no formal US guidance on applying the restrictions, and Pakistan’s trade with Iran, including rice and mangoes, showed no sign of slowing. Analysts said the measures were unlikely to end the war, which passed the six-month mark after Trump launched it alongside Israel in late February.