Iran’s economic adaptation over decades, marked by domestic production, regional trade and Asian partnerships, is on course to thwart Washington’s economic terrorism.

Press TV – October 6, 2026

US Treasury Secretary Scott Bessent’s prediction that Iran’s economy would soon collapse underscores the depth of delusion within the current American leadership.

“Iran is absolutely not sanctionable,” Deputy Economy Minister Mortaza Zamanian said this week as Tehran worked to keep trade flowing despite Washington’s latest sanctions campaign.

Zamanian cited Iran’s extensive borders, established commercial routes and longstanding trading relationships, saying that they make it impossible for external pressure simply to switch off the country’s economy.

His remarks came as Washington intensified its economic terrorism against Iranian oil, shipping, aviation, finance, technology and foreign companies supporting those sectors.

The new American campaign has been accompanied by extraordinary predictions from senior American officials, including Treasury Secretary Scott Bessent’s claim that Iran could have “nothing left to trade” within two weeks.

Speaking on September 27, Bessent claimed that Iran would probably make its final oil deliveries to China within two weeks, after which, he asserted, “they will have nothing.”

That prediction deserves comparison with history, because American administrations have imposed increasingly severe sanctions on Iran since 1979 while repeatedly expecting economic pressure eventually to produce collapse.

Yet the economy did not disappear, and Iran instead developed domestic industries, expanded regional commerce, strengthened trade with Asian powers and accumulated extensive experience operating outside Western financial channels.

The proposition that an economy which has absorbed American sanctions for almost half a century will suddenly disintegrate within two weeks therefore indicates the depth of delusion among the current US leadership.

Iran enters this confrontation possessing a large domestic market, extensive productive capacity, enormous energy resources and deeply established commercial relationships across Eurasia.

These are not temporary sanctions evasions assembled during the present crisis, but economic capabilities developed over decades through investment, industrial learning, regional integration and repeated adaptation to external restrictions.

The most important fact about Iran’s economic structure is its size, because a country with more than ninety million people possesses a domestic market capable of supporting extensive production independently of Western consumers.

The World Bank describes Iran as relatively diversified for an oil-exporting economy, with a substantial domestic market, a large workforce and significant activity across manufacturing, agriculture and services.

That domestic market sustains production across food, pharmaceuticals, construction materials, steel, petrochemicals, machinery, transportation, consumer goods and numerous intermediate industrial sectors serving Iranian households and companies.

Iran is therefore not an economy that must export continuously merely to keep its factories operating, because a substantial portion of its production already serves domestic consumption, investment and infrastructure.

That distinction becomes particularly important when external restrictions are designed around the assumption that cutting foreign trade will automatically paralyze domestic economic activity.

A country whose productive system is centered on domestic demand possesses an economic engine that continues operating even when international transactions become more complicated.

Iran has also spent decades building industrial capabilities specifically suited to its own resource base, population, infrastructure requirements and energy-intensive economy.

Steel production, petrochemicals, cement, refining, power generation, construction, food processing and pharmaceuticals represent substantial industrial ecosystems involving domestic engineering, manufacturing, logistics and skilled employment.

These capabilities have repeatedly expanded during periods when access to Western investment and technology was severely restricted, demonstrating that Iranian industrial development does not depend upon continuous Western participation.

Iran’s long exposure to sanctions has produced another asset that cannot be imposed or removed through a Treasury designation, namely a large body of accumulated technical and commercial experience.

When foreign manufacturers withdraw, Iranian companies have learned to redesign equipment, substitute components, develop domestic suppliers and work with companies from countries willing to maintain commercial relationships.

Academic research has documented this process in Iranian industries, including evidence that sanctions simultaneously restricted access to foreign technology while encouraging the development of domestic technological capabilities.

The resulting industrial knowledge extends beyond individual companies, because engineers, technicians, procurement specialists and managers have accumulated practical experience with restricted supply chains over successive decades.

A manufacturer that has operated under sanctions for years does not design its procurement system around the assumption that every international supplier will remain available indefinitely.

It develops alternatives as part of ordinary business planning, creating a commercial culture in which substitution, regional sourcing and domestic production are integrated into industrial decision-making.

This is one of the strongest reasons the prediction of sudden economic emptiness looks disconnected from Iran’s actual economic structure.

There is no single foreign supplier whose disappearance can remove Iran’s entire industrial capacity, because Iranian production is distributed across thousands of domestic enterprises and numerous regional supply relationships.

The system has been shaped by scarcity for so long that adaptation has become embedded within the operating methods of Iranian companies themselves.

Iran’s geographical position provides another form of economic strength that cannot be erased by financial sanctions, because the country physically connects several of the world’s most important commercial regions.

Iran borders Turkey, Iraq, Armenia, Azerbaijan, Turkmenistan, Afghanistan and Pakistan, while its southern coastline provides direct access to the Persian Gulf and Gulf of Oman.

Those borders connect Iranian commerce with the Caucasus, Central Asia, South Asia, the Persian Gulf, Turkey and Iraq, creating commercial possibilities extending in several directions simultaneously.

This geography gives Iran direct access to neighboring markets while also placing the country along important transportation corridors linking Russia, Central Asia and the Indian Ocean.

The significance of Zamanian’s argument is therefore practical rather than rhetorical, because no financial authority can relocate Iran away from its geographic position.

Goods can move through different borders, suppliers can be found in different countries and exporters can redirect shipments towards different markets when commercial conditions change.

Iran has consequently developed a regional trading system that does not depend upon one border, one port, one customer or one foreign economic relationship.

Its trade with Iraq, Turkey, the United Arab Emirates, Afghanistan, Pakistan, the Caucasus, Central Asia and China represents an extensive commercial geography developed through years of interaction.

The World Bank has documented precisely this shift, noting that Iranian trade has increasingly pivoted towards neighboring countries and China as sanctions have restricted conventional international economic relationships.

That transformation is now an established feature of Iran’s economy rather than an emergency measure invented after the latest American escalation.

China gives Iran’s economic system another dimension because it combines enormous industrial capacity with sustained demand for Iranian energy and other commodities.

In other words, Iran possesses access to a major global market even while facing comprehensive American restrictions on its oil industry.

China also supplies Iranian companies with machinery, manufactured products, electronics, industrial equipment and intermediate goods required across the domestic production system.

The relationship therefore operates in both directions, with Iran supplying commodities and China supplying industrial goods, creating a commercial relationship considerably broader than the simple sale of sanctioned oil.

Iran consequently does not need unrestricted access to every Western market when it possesses substantial trade relationships with China and numerous neighboring economies.

Iran’s energy resources provide perhaps the clearest demonstration of the country’s underlying economic strength.

It ranks second globally in proven natural-gas reserves and fourth in proven crude-oil reserves, giving the country extraordinary resource depth beneath its existing industrial economy.

These resources provide not merely potential export earnings but also abundant domestic energy and petrochemical feedstocks supporting Iran’s manufacturing, electricity generation, transportation and industrial production.

Iran has consequently developed an extensive downstream economy that converts hydrocarbons into refined products, petrochemicals and industrial inputs rather than relying exclusively upon crude-oil exports.

The World Bank has specifically noted that sanctions encouraged additional processing of crude oil and hydrocarbons into petrochemicals, illustrating how restrictions have contributed to changes within Iran’s economic structure.

The country’s resource base also gives it a durable position in Asian energy markets, where large industrial economies require reliable supplies of oil and petrochemical products.

That is why American attempts to eliminate Iranian oil revenue confront persistent commercial demand rather than an absence of buyers interested in Iranian resources.

The financial system represents another area where Iran has developed substantial independent capacity after decades of exclusion from conventional Western banking.

Iran’s economic ties span a broad network of foreign entities, reflecting its commercial reach across banking, shipping, logistics, commodities, and manufacturing.

Against this background, Bessent’s latest prediction appears less to be an independent economic forecast than an expectation based on what the American campaign is intended to achieve.

His claim that Iran will have nothing left to trade within two weeks assumes that removing one major source of oil revenue effectively removes the economic foundations supporting the entire Iranian system.

Iran’s actual economic structure is considerably broader, because oil exports represent one component of national economic activity alongside manufacturing, agriculture, services, domestic consumption and regional commerce.

The World Bank estimates that Iran’s economy contracted during the Iranian year ending March 2026, while simultaneously describing an economy that has adapted to sanctions through changing trade patterns and alternative payment mechanisms.

Those facts should not be confused with economic collapse, because contraction in a particular period is fundamentally different from the disappearance of productive capacity, markets and commercial institutions.

The historical record is even more significant, because American sanctions have been imposed repeatedly since 1979 and have been intensified dramatically during successive administrations.

The sanctions regime has targeted Iranian banking, oil exports, investment, technology, shipping and foreign companies, with especially severe measures introduced during the 2010s and after Washington abandoned the nuclear agreement.

Iran nevertheless retained its industrial base, rebuilt oil exports after earlier restrictions, expanded non-oil exports and redirected a growing share of trade towards neighboring countries and China.

The American expectation that economic pressure would eventually produce decisive Iranian economic capitulation has therefore been tested repeatedly against an economy that continued adapting.

Predicting that a strategy that failed to trigger economic collapse over half a century will suddenly achieve it within fourteen days merits no serious consideration, because it reveals the naivety of its proponents.

Washington now possesses powerful financial tools, but financial power does not eliminate Iran’s factories, oilfields, farms, engineers, consumers, borders, ports, regional markets or established commercial relationships.

Iran enters the current phase with an economic architecture extending from domestic manufacturing plants to Chinese refineries, from Persian Gulf shipping networks to northern Eurasian trade corridors.

Its domestic market provides magnitude and size, its industrial base provides production, its energy reserves provide commodities and its geography provides access to several major commercial regions.

In other words, Iran already possesses the domestic capabilities and international relationships required to keep its economy operating beyond the reach of any single American economic sabotage.

France and Germany have proposed giving the European Commission powers to respond within days to serious trade distortions, including the possibility of restricting access to the EU single market. The initiative comes as European concern grows over Chinese subsidies, industrial overcapacity and dependence on critical imports.

French President Emmanuel Macron and German Chancellor Friedrich Merz have called for a new European Union trade instrument capable of acting rapidly against countries whose economic practices cause serious disruption to the European market.

In a joint initiative sent to European Commission President Ursula von der Leyen on Monday, the two governments proposed strengthening the EU’s ability to respond to what they describe as systemic market distortions, including dumping, widespread subsidies and restrictions affecting access to critical supplies.

The Franco-German proposal does not formally identify China as its target. However, many of the practices it describes correspond directly to long-standing European concerns over Chinese industrial policy, including excess manufacturing capacity, state support and restrictions on exports of critical minerals.

The initiative represents a further development in a harder European approach towards Beijing. EU Today reported last week that China had warned it would respond if the EU introduced new restrictions against Chinese companies or products.

Macron and Merz are proposing two additional instruments.

The first would be intended to reduce European companies’ dependence on single suppliers for strategically important products and raw materials. The second would allow the EU to restrict access to its internal market when a third country uses political or economic measures that seriously undermine fair competition.

Under the proposal, the Commission could initiate countermeasures unless a qualified majority of EU governments voted to block them. That would reverse the normal political dynamic in which Brussels must first secure sufficient support before acting.

German officials have argued that the EU needs powers comparable in effect to the United States’ Section 301 trade measures or China’s ability to restrict exports of critical raw materials.

The Commission has welcomed the Franco-German intervention as a contribution to its work on economic security and global trade imbalances. Any new instrument would, however, require legislation and approval by both EU governments and the European Parliament before it could be used.

The proposal comes amid growing concern in both Paris and Berlin over the effect of subsidised Chinese production on European manufacturers.

Germany’s position is particularly significant. Berlin has traditionally been more cautious than Paris about measures that could restrict trade with China, reflecting the importance of the Chinese market to German carmakers, engineering companies and chemical producers.

That position has shifted as German industry faces increased competition from Chinese electric vehicles, machinery and other manufactured goods.

EU Today has previously examined the emerging Franco-German alignment on tougher China trade defences and demands from German manufacturers for broader European action rather than product-by-product investigations.

The new proposals go considerably further by seeking a mechanism capable of dealing with entire sectors and acting much more quickly than conventional anti-dumping proceedings.

Chemicals, PET plastics and hybrid vehicles are among sectors identified in the Franco-German document as areas where additional action may be required.

The timing is also significant. EU leaders are due to discuss trade relations with China at their summit in Brussels on 15–16 October, while Trade Commissioner Maroš Šefčovič is expected to hold talks with Chinese officials beforehand.

The Commission is already attempting to balance two objectives: maintaining Europe’s access to the Chinese market while reducing strategic dependencies that could be used as political leverage.

The Franco-German plan would give Brussels another instrument at the more coercive end of that policy. Its eventual importance will depend on whether governments agree to create it and how readily they would permit the Commission to use it against a major trading partner.

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EU trade commissioner Maroš Šefčovič and Chinese commerce minister Wang Wentao are meeting in Beijing on Thursday (8 October) to discuss China’s growing trade surplus with the EU.

The surplus reached a record €360.6bn in 2025, up 15 percent from 2024, and widened another 10 percent in the first four months of this year.

The visit follows a meeting in Brussels in June, where Šefčovič said he wanted the dialogue to deliver tangible results by October, and the two sides set up working groups on trade balance, export controls, intellectual property and WTO reform. China has sent mixed signals, with Beijing reportedly showing openness to purchase agreements for European goods and possibly lower tariffs, while China’s commerce ministry insisted Brussels should not treat China as the source of the EU’s problems.

The EU put tariffs on Chinese electric cars in 2024, with extra duties ranging from 7.8 percent to 35.3 percent depending on the manufacturer. But hybrids weren’t covered, and Chinese hybrid exports to the EU jumped from 3,800 vehicles in October 2024 to roughly 50,000 in July 2026, adding to pressure on European carmakers already struggling to compete with Chinese manufacturers.

Šefčovič will also be hoping to secure assurances from his Chinese counterpart on access to rare earths and minerals for European companies, with a one-year moratorium on extra restrictions on rare earth and minerals exports from China – which also applies to the United States – due to expire in the coming weeks. In June, China assured Šefčovič that existing controls on rare earths and permanent magnets would not disrupt EU supply chains.

Meanwhile, there have been reports of some German companies stockpiling rare earths in case the Šefčovič-Wentao talks fail to break the deadlock and China imposes new export controls in retaliation for the EU’s ‘Made in Europe’ plan to protect its industrial supply chain.

If the Beijing talks fail, Germany and France could push for tougher measures at next week’s EU leaders’ summit, including a cap on Chinese hybrid-car exports, preference for European vehicles in public procurement and tighter limits on Chinese takeovers of European companies.

But China recently said it would “respond firmly” if the EU imposed restrictions on Chinese businesses or products.

Long-delayed accession reforms

In Strasbourg on Tuesday (6 October), the European Commission is expected to present its long-delayed pre-enlargement policy reviews to prepare the 27-nation bloc for the integration of candidate countries like Montenegro, Albania, Ukraine and Moldova.

EU capitals fear that enlargement could disrupt businesses and that new member states could use their veto to block decisions.

In response, the commission proposal is set to rely less on consensus and more on majority voting, including in sensitive areas such as security and defence, sanctions, human rights and enlargement itself – a change that could help speed up bids such as Ukraine’s.

Ironically, to get rid of unanimity in certain votes, von der Leyen’s proposal will need the unanimous approval of all 27 member states.

The text is also expected to set temporary limits on new members’ vetoes, longer safeguard periods, and cut the number of commissioners to two-thirds of the number of member states, with equal rotation.

Alongside the internal rules review, the commission is expected to unveil a revision of the standardisation regulation to fix gaps and increase transparency.

On Monday (5 October), EU chief diplomat Kaja Kallas will host Moldovan PM Vasile Tofan in Brussels for a regular meeting on the progress of the country’s association bid. 

The Eurogroup will also meet on Thursday in Luxembourg while EU financial ministers will meet on Friday.

Plenary week

In Strasbourg next week, MEPs are expected to condemn the results of the Russian State Duma election in which no party opposing Putin’s war on Ukraine was allowed to stand.

On Wednesday, they will debate priorities for the EU budget for 2028-2034 (the Multiannual Financial Framework – MFF) with signals of more money for Erasmus+.

And MEPs will vote on Tuesday on whether to inject €115m into a pilot programme to accelerate the development of military technologies called Agile. This comes as Putin escalates hybrid warfare against Europe.

Controversy is expected ahead of a vote to scrutinise the funding and political influence of Islamist groups in Europe. European Conservative and Reformists (ECR) have previously called for the Muslim Brotherhood to be considered terrorists.

Those feeling stressed in their jobs can look forward to mental health protections for workers if parliament votes to ask the commission to propose new rules for EU employers.

Portuguese prime minister Luís Montenegro will deliver a speech on Tuesday.

And a debate with Ursula von der Leyen and the Irish Council presidency will shape priorities for the EU summit later this month, 15-16 October.

Plenary talks will also address the migrant surge in the Spanish enclave of Ceuta this summer and how Europe should respond.

This article was updated

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Beijing has opened an anti-dumping investigation into a chemical imported from the European Union days before EU Trade Commissioner Maroš Šefčovič travels to China for talks covering trade imbalances, market access and strategic raw materials.

China has opened a new anti-dumping investigation into imports from the European Union less than a week before EU Trade Commissioner Maroš Šefčovič is due in Beijing for talks on the increasingly difficult trade relationship between the two sides.

China’s Ministry of Commerce announced on Saturday, 3 October, that it was beginning an investigation into p-nitrotoluene, also known as 4-nitrotoluene, imported from the EU.

According to the official notice opening the investigation, the case follows an application submitted on 14 September by Chinese producers Jiangsu Huaihe Chemical and Hubei Dongfang Chemical. The investigation will examine alleged dumping between 1 July 2025 and 30 June 2026, while the assessment of possible damage to Chinese industry will cover January 2022 to June 2026.

P-nitrotoluene is used in the production of dyes, pharmaceuticals, pesticides, pigments and other chemical products.

In isolation, the investigation concerns a relatively specialised industrial product. Its timing, however, places it inside a much wider argument over the future of EU-China trade.

Šefčovič is expected in China on 8 and 9 October for the second high-level meeting under the EU-China trade and investment consultation mechanism established earlier this year.

The European Commission confirmed in September that the meeting would address Chinese exports to the EU, European access to the Chinese market and restrictions affecting rare-earth supplies. Brussels said it expected the October talks to produce the first concrete results from work undertaken since the mechanism was established. The Commission outlined the agenda following a September call between Šefčovič and Chinese Commerce Minister Wang Wentao.

EU Today reported in September that Šefčovič had warned China that the EU could consider tougher measures if the negotiations failed to produce tangible progress by October.

The deadline followed talks between Šefčovič and Wang in Brussels in June. At the time, the two sides agreed to establish working groups dealing with trade and investment balances, export controls, intellectual property and World Trade Organisation reform.

EU Today examined those negotiations in detail as Brussels sought progress on rare earths, market access and the widening trade imbalance.

The numbers remain a central part of the European argument.

According to Eurostat’s figures for EU-China trade in 2025, the EU imported €559.4 billion in goods from China while exporting €199.6 billion, leaving a trade deficit of €359.8 billion. EU exports to China fell by 6.5 per cent compared with 2024, while imports increased by 6.4 per cent.

Brussels argues that the imbalance cannot be viewed separately from questions of industrial subsidies, excess manufacturing capacity and barriers encountered by European companies seeking access to the Chinese market.

Beijing rejects the suggestion that the growth of Chinese exports is principally the result of unfair state support and has criticised the EU’s expanding use of trade-defence instruments.

The confrontation now covers a growing range of industries.

The EU has imposed additional duties on Chinese electric vehicles following an anti-subsidy investigation, while disputes have extended to medical devices, public procurement and agricultural products. China, meanwhile, has launched investigations affecting European products including brandy, pork, dairy goods and chemicals.

Rare earths have become particularly important.

European industry remains heavily dependent on Chinese supplies and processing capacity for materials used in permanent magnets, electric vehicles, wind turbines, electronics and defence equipment.

Eurostat reported in June that China supplied 46.8 per cent of EU rare-earth imports by weight in 2025. The concentration is greater in some processing stages and manufactured components.

EU Today has followed the issue closely, including the Commission’s preparations for possible renewed Chinese rare-earth restrictions and the EU Today Research Desk’s assessment of Europe’s exposure to Chinese rare-earth supply chains.

Following the June negotiations, Šefčovič said China had given assurances that export controls on rare earths and permanent magnets should not interrupt European supply chains. He nevertheless sought improvements to the licensing system faced by EU companies. The Commissioner said at the time that Beijing would be expected to demonstrate tangible progress by October.

That point has now arrived.

Neither Brussels nor Beijing has indicated that the broader commercial relationship is heading towards disengagement. China remains the EU’s largest source of imported goods and the European market remains commercially important to Chinese exporters.

But both sides are increasingly prepared to use trade-defence measures when negotiations fail to resolve disputes.

Saturday’s anti-dumping investigation consequently adds another issue to Šefčovič’s agenda days before he arrives in Beijing — and provides an early indication of the atmosphere surrounding the October talks.

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