Washington, April 25 (IANS) The United States imposed sanctions on a China-based refinery and dozens of vessels linked to Iran’s oil trade, stepping up pressure on Tehran’s energy revenues.The Treasury Department said its Office of Foreign Assets Control (Office of Foreign Assets Control) targeted Hengli Petrochemical (Dalian) Refinery Co., Ltd., describing it as one of Iran’s largest buyers of crude oil and petroleum products.“Economic Fury is imposing a financial stranglehold on the Ir…
Latest Scott Bessent News & Updates
Washington, April 24 (IANS) US Treasury Secretary Scott Bessent said on Friday that Washington’s actions helped prevent global oil prices from surging to $150 per barrel, keeping them closer to $100 amid geopolitical tensions, as he outlined a broader strategy linking energy stability, sanctions policy and financial leadership. Testifying before a Senate panel, Bessent noted that US decisions on sanctions and supply played a key role in stabilising markets during the ongoing conflict.”If we had …
Washington, April 23 (IANS) US Treasury Secretary Scott Bessent defended a temporary sanctions waiver affecting Russian oil, saying it helped prevent a sharper spike in global prices, even as Democrats warned it could boost Moscow’s war finances and keep fuel costs high.Testifying before a Senate panel, Bessent said the move was aimed at stabilising supply during a volatile period.“Treasury was able to create the more than 250 million barrels on the water,” he said.He added that without th…
Ottawa, April 18 (IANS) Air Canada has announced it will suspend service on several routes to the United States due to soaring jet fuel costs. According to a statement from Canada’s largest carrier on Friday (local time), jet fuel prices have doubled since the start of the Iran conflict, rendering some routes and flights no longer economically feasible.The suspensions affect a mix of transborder and domestic services. Service from Montreal and Toronto to New York’s John F. Kennedy International …
Washington, April 18 (IANS) The United States Department of the Treasury has extended a waiver permitting the delivery and sale of sanctioned Russian oil already loaded onto vessels, pushing the deadline to May 16, according to a document released on its official website. The earlier 30-day waiver had expired on April 11.The renewed license, issued on Friday (local time), is part of the administration’s broader effort to stabilise global energy prices, which have surged amid the ongoing US-Israe…
Washington, April 16 (IANS) Tax exemptions on overtime and targeted relief for small businesses have emerged as key drivers behind the uptake of President Donald Trump’s tax cuts, according to the White House. US Treasury Secretary Scott Bessent told reporters at a news conference that the most widely used provision in the new tax framework was the exemption on overtime income, with more than 25 million filers claiming the benefit.He said the policy was designed to reward additional work. “I…
Washington, April 16 (IANS) The Trump administration has intensified its economic campaign against Iran, warning of tougher sanctions, including secondary penalties on countries and banks dealing with Iranian oil, as part of what officials described as a broader strategy combining financial and geopolitical pressure. US Treasury Secretary Scott Bessent said Washington was escalating its financial offensive against Iran under what he described as “Operation Economic Fury.”“For over a year, …
Washington, April 16 (IANS) The Trump administration has linked the outlook for US fuel prices to developments in the Iran conflict, saying a sustained drop in gasoline costs will depend on the reopening of the Strait of Hormuz and progress in ongoing negotiations. Treasury Secretary Scott Bessent told reporters at a White House news conference on Wednesday (local time) that the timing of lower gas prices remained uncertain, citing disruptions in global oil flows linked to tensions involving Ira…
Washington, April 16 (IANS) President Donald Trump’s working families tax cuts have delivered record refunds and broad relief to millions of Americans, the White House stated, citing strong uptake across key provisions such as no tax on overtime and tips. Marking Tax Day on Wednesday (local time), White House Press Secretary Karoline Leavitt said the administration’s tax measures had put “a historic amount of money back into the pockets of the American people.”Leavitt said more than 53 m…
Washington, April 8 (IANS) Foreign Secretary Vikram Misri has arrived in Washington to review the full breadth of India-US ties and advance cooperation across key sectors, including trade, defence, technology, etc.Misri arrived in the United States late on Tuesday (local time) for a three-day visit and was welcomed by Indian Ambassador to the US Vinay Mohan Kwatra. Taking to X, Kwatra late on Tuesday (local time), said, “Welcomed Foreign Secretary Vikram Misri to Washington, DC. His visit offers…