China and the US are expected to sign phase one of their trade deal Wednesday at the White House, with the timing potentially complicated by increased US sanctions pressure on Iran and China’s current status as Iran’s top crude oil and condensate importer. On Friday, US Treasury Secretary Steven Mnuchin downplayed that complication, claiming that China has effectively cut its purchases of Iranian crude to zero. “The China state companies are not buying oil from Iran,” Mnuchin told reporters. Despite US sanctions, which have intensified following Iran’s strike in Iraq Tuesday, China remains the largest buyer of Iranian crude despite US sanctions. […]