China has forcefully rebuked U.S. sanctions targeting small Chinese companies that trade with Iran. Amid President Donald Trump’s reluctance to sanction bigger Chinese targets, Beijing senses American weakness.

The Chinese rebuke follows Treasury Secretary Scott Bessent’s announcement of new, Iran-related sanctions on Monday. Bessent hyped up these sanctions as constituting an “economic D-Day,” and the “single greatest financial offensive ever marshaled against an adversary.” The world was told to expect a devastating no-quarters-given assault on anyone who dared deal with Iran.

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In reality, these sanctions are more akin to a river-crossing reconnaissance operation than they are the pivotal 1944 invasion of Europe. After all, major Chinese banks, crucial to Iran’s export economy, have been excluded from U.S. action. And just as........

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