In my previous piece — The Walls Have Doors Now — I argued that Treasury Secretary Scott Bessent’s promised “measures like have never been seen in the history of the economic isolation of a country” would push against an open frontier: an Iran with land bridges to Pakistan, military and intelligence lifelines to Russia and China, and, most consequentially, an oil trade that has walked out of the dollar entirely, settling in Chinese yuan through China’s CIPS clearing network beyond the reach of U.S. financial plumbing. That argument stands. But there is a simpler problem sitting on top of it, and it lives inside the administration’s own words.
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