The United States Treasury has urged its G7 and
European Union partners to levy "meaningful tariffs" on Chinese and Indian imports to counter their Russian oil acquisitions. The
US Treasury has organized an urgent G7 conference to explore enhanced measures against Moscow regarding the Ukraine conflict.
US President Donald Trump has levied an additional 25% duty on Indian imports to pressure India to stop buying Russian oil. This has elevated the total punitive tariffs on goods from India to 50%, negatively impacting trade discussions between the countries.
The Trump administration has opted not to implement further tariffs on Chinese products despite China's Russian oil purchases, as it maintains a sensitive trade balance with Beijing that has resulted in a reduction of reciprocal tariffs from above 100%.
"Chinese and Indian purchases of Russian oil are funding Putin's war machine and prolonging the senseless killing of the Ukrainian people," said a US Treasury representative via email to Reuters.
The Treasury official further noted, "Earlier this week, we made it clear to our EU allies that if they are serious about ending the war in their own backyard, they need to join us and impose meaningful tariffs that will be rescinded the day the war ends."
Treasury Secretary Scott Bessent will visit Madrid on Friday to meet Chinese Vice Premier He Lifeng. Their discussions will encompass trade matters, US requirements for Chinese-owned TikTok to sell its American operations, and concerns regarding money laundering prevention.
Trump indicated on Friday that he was growing impatient with Russian President Vladimir Putin, although he did not explicitly mention imposing additional sanctions during his Fox News appearance.
During the interview, Trump conveyed his disappointment regarding Putin's unwillingness to end the conflict, despite Trump's diplomatic initiatives. He discussed potential measures, including enhanced sanctions on banking institutions and oil sectors, along with increased tariffs to pressure Russia, whilst emphasising the necessity for European nations' involvement.
"We're going to have to come down very, very strong," Trump said.
A Treasury spokesperson emphasised the importance of coordinated action with G7 allies against Russia.
"President Trump's Peace and Prosperity Administration is ready, and our G7 partners need to step up with us," the spokesperson added.
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