Trump Live Updates: Hegseth and Caine to Testify at Pentagon Budget Hearing
The Trump administration warned financial institutions not to allow independent Chinese refineries to buy Iranian oil and cracked down on Iran's 'shadow' banking sector. Defense Secretary Pete Hegseth and Gen. Dan Caine testified before the House Armed Services Committee on the Pentagon's budget request.
The Trump administration intensified economic pressure on Iran by warning financial institutions against dealing with independent Chinese refineries buying Iranian oil and cracking down on Iran's 'shadow' banking sector. This move is part of the Treasury Department's 'Operation Economic Fury,' aiming to cripple Iran's economy and compel it to agree to a peace deal. Treasury Secretary Scott Bessent stated that Iran's shadow banking system supports its armed forces and terrorist operations, posing a threat to U.S. personnel and the global economy. The sanctions target 35 entities and individuals overseeing the system. Defense Secretary Pete Hegseth and Gen. Dan Caine testified before the House Armed Services Committee on the Pentagon's budget request, with Hegseth facing protests and being called a 'war criminal.'
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