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United States Department of the Treasury

United States Department of the Treasury
The latest news and top stories on the United States Department of the Treasury. A prominent Washington DC-based governmental body established in 1789, the US Department of the Treasury is dedicated to promoting economic prosperity and ensuring the financial security of the United States. Its main areas of focus include managing federal finances, collecting taxes, producing currency and coinage and advising on domestic and international economic policy. The institution is recognised for its crucial role in shaping both domestic and global economic policies, acting as a steward of the US financial system.
US President Donald Trump with his signed executive order classifying fentanyl as a ‘weapon of mass destruction’. Photo: Reuters
United States

Trump declares fentanyl a ‘weapon of mass destruction’

US president dramatically escalates his fight against the drug by signing an executive order and warning against the ‘scourge’ of fentanyl.

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US-China trade war

US seeks ‘constructive’ reset with China as trade tensions ease: Greer

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Americas and the Caribbean

US labels Venezuelan group terrorists amid massive military build-up

Japan

Cambodian tycoon linked to scam empire owned luxury condo in Tokyo

The Prince Holding Group boss, who is accused of running a conglomerate built on cyberscam operations, visited Japan frequently.

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Tokyo’s skyline. Cambodian tycoon Chen Zhi, indicted in the US for fraud, owned a luxury home in the Japanese capital. Photo: AFP
Middle East

US sanctions firms from China to India over Iranian weapons

The US also targeted Ma Jie, an individual based in China, who is accused of helping Iranian defence officials meet Chinese suppliers.

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Scams and swindles

Editorial | Silver lining in sprawling scam case is cross-border cooperation

The brazen criminal case involving Chen Zhi shows the importance of joint global efforts against cybercrime and transnational scams.

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Syria

Syria joins alliance against Isis after Trump hosts ex-jihadist president

President Ahmed al-Sharaa’s White House visit caps a remarkable turnaround for a former jihadist who once had a US$10 million bounty on his head.

US President Donald Trump shakes hands with Syria’s President Ahmed al-Sharaa in the Oval Office. Photo: Syrian Presidency Press Office via AP
North Korea

North Korea slams US for ‘wicked’ hostility over sanctions linked to cybercrime

The sanctions are part of US President Donald Trump’s strategy of applying pressure before negotiations, an analyst says.

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United States

US targets Chinese in North Korea-related sanctions over money laundering

A North Korean tech firm accused of using Chinese nationals as banking proxies to obfuscate the origin of funds was among those targeted.

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Singapore

Singapore seizes US$115 million in assets linked to tycoon behind scam hub

Police said probe into the Prince Group boss started last year after receiving intelligence from the Suspicious Transaction Reporting Office.

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The Prince International Plaza in Phnom Penh. Photo: AFP
Americas and the Caribbean

US sanctions Colombia president over drugs, amid escalating row with Trump

Gustavo Petro has accused the US president of carrying out ‘extrajudicial executions’ by striking alleged drug-trafficking vessels.

Colombian President Gustavo Petro speaks during a press conference in Bogota on Thursday. Photo: Reuters
US-China trade war

Trump and Xi’s shock tactics see trade war remain in a stalemate

Former government officials and analysts believe this is the price you pay when diplomatic negotiation fails and compromise is ignored.

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United States

Shutdown costing US economy US$15 billion a day, Treasury chief Bessent says

The shutdown is starting to ‘cut into muscle’ and is slowing down a wave of investment, Bessent says.

Donald Trump

Trump orders Pentagon to use ‘all available funds’ to pay troops despite shutdown

No similar action seems to be coming for federal workers, thousands of whom are set to be fired during the funding lapse.

US President Donald Trump gestures as he walks to Marine One on the South Lawn of the White House on Friday. Photo: AFP
Americas and the Caribbean

US launches US$20b financial lifeline for Argentina, buys pesos in rare move

US helps prop up Argentina’s faltering finances, and boost political ally President Javier Milei for midterm elections.

Argentina’s President Javier Milei during a meeting with US President Donald Trump in New York in September. Photo: Reuters
US-China relations

US imposes sanctions on China refinery over Iran oil purchases

The US believes Iran’s oil networks help Tehran fund its nuclear and missile programmes and support militant proxies in the Middle East.

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Donald Trump

US considers US$1 Trump coin to mark 250th independence celebrations

A potential design shows Trump raising his fist, with the words ‘fight, fight, fight’ – what he said after surviving an assassination bid.

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US-China relations

US judge upholds Pentagon listing of DJI as Chinese military-linked firm

The Shenzhen-based company is the global leader in drone production and accounts for more than 50 per cent of US commercial sales.

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The DJI logo is displayed at the Innovation for All trade fair in Berlin earlier this month. Photo: Reuters
US-China relations

China and US agree to target money launderers linked to fentanyl trade

Cracking down on finances from the illegal trade is an area of ‘extreme agreement’, Scott Bessent says after Madrid trade talks.

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US-China trade war

China-US trade talks: Who will buckle first amid mutual pain?

More signs of cooling in China’s economy may stiffen US resolve at Madrid trade talks, while stagflation risks in the US could similarly toughen Beijing’s negotiating stance.

United States

US sanctions shipping network for smuggling Iran oil

The organisation is accused of covertly blending Iranian oil with Iraqi oil, then intentionally marketing it as solely of Iraqi origin.

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An Iranian oil facility is seeon on Khark Island in the Persian Gulf in March 2017. Photo: TNS
United States

Trump implores banks to step up monitoring of China money laundering linked to fentanyl

Treasury advisory highlights how informal Chinese money-laundering operations allow Mexican drug cartels to bypass financial safeguards.

An estimated 48,000 Americans died of fentanyl and other synthetic opioids in 2024, according to the US Centres for Disease Control and Prevention. Photo: TNS
China-Middle East relations

China urges ‘dialogue’ to resolve Iran nuclear issue as new sanctions loom

Beijing says it will continue to ‘play a constructive role’ following foreign vice-minister Ma Zhaoxu’s call with his Tehran counterpart.

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China technology

My Take | Washington has already lost dirty chip war but does not know it yet

Selling China subpar chips will not make it dependent on the United States but instead spur it to produce more and better ones.

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China exports

China’s rare earth exports swell in June as Beijing relaxes controls

Following talks with the US thought to include reductions in critical mineral export restrictions, China reports 60 per cent jump in June shipments.

China’s near-monopoly position in the supply and refining of rare earth minerals grants them a major strategic advantage. Photo: Xinhua
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