The United States Treasury Secretary, Bessent, said that the Donald Trump administration will not add new tariffs on Chinese goods to stop China from purchasing Russian oil unless EU member states move first to impose heavy duties independently.
In a recent interview, Bessent said European governments need to take a greater part in shutting down the oil revenue that funds Russia’s involvement in Ukraine. He said Washington will not move alone on levies tied to Russian oil. “We expect the Europeans to do their share now, and we are not moving forward without the Europeans,” he said.
Bessent added that he pressed the issue during discussions with Chinese officials in Madrid about trade and TikTok. Bessent told China that the United States had already imposed duties on Indian products and that Trump had urged European nations to impose duties of 50% to 100% on India and China to suppress Russia’s oil income.
The Chinese government replied that decisions about oil buying are a “sovereign matter.” According to a previous report by Cryptopolitan, China has already accused the US of using “bullying tactics” over Russian oil.
The United States pressures India, urges Europe to do its part
The Treasury chief also condemned purchases of Russian oil by certain European nations and the practice of buying discounted fuels processed in India using Russian crude.
“I guarantee you that if Europe put on substantial secondary tariffs on the buyers of Russian oil, the war would be over in 60 or 90 days,” Bessent said. He implied that such steps would cut Moscow’s primary source of income.
According to Bessent, the US duties on Indian products have already resulted in “substantial progress” in trade talks with India. Washington and New Delhi are planning to pursue trade discussions, he said.
China expands global trade amid the rift
Bessent also discussed contacts with Beijing. He said Donald Trump and China’s leader, Xi Jinping, may meet next month at the APEC forum in South Korea. Trump indicated that he might visit China at Mr. Xi’s invitation. At the same time, Trump’s hard-line trade tactics have caused tensions with allies such as India, a target of heavy US import duties, leading to an opening for China to press for closer ties.
China depends on greater trade with other regions to offset a sharp drop in sales to the US. China’s exports to the US have declined by about 15% this year; however trade with Africa, Southeast Asia, and other regions is growing. China is on track to break last year’s record trade surplus of nearly $1 trillion in 2025.
Despite strong trade figures, signs indicate strain within China’s economy. The government is moving to prevent companies from adding investment in sectors already facing surplus capacity to avoid price wars and to reduce worry from trading partners that a flood of low-priced Chinese goods will wipe out local manufacturing.
If you’re reading this, you’re already ahead. Stay there with our newsletter.
Source: https://www.cryptopolitan.com/us-wants-eu-slap-tariffs-china/
