The U.S. Treasury on Friday urged Group of Seven (G7) nations and the European Union (EU) to place “serious tariffs” on Chinese and Indian goods, stateing their continued purchases of Russian oil are assisting to fund Moscow’s war in Ukraine. Washington also called an emergency G7 finance meeting to discuss new ways to increase pressure on Russia.
A Treasury spokesperson informed Reuters in an email that “Chinese and Indian purchases of Russian oil are funding Putin’s war machine and prolonging the killing of Ukrainians.” The spokesperson added that the U.S. has already warned EU allies this week that if they are serious about finishing the conflict, they must join Washington in imposing tariffs that would be lifted once the war finishs.
US Has Imposed 50% Tariffs on India
President Donald Trump has already raised tariffs on Indian imports. He later added another 25% tariff on Indian goods, bringing the total extra duties to 50%. This shift is aimed at pressuring New Delhi to stop acquireing Russian oil at discounted prices, but it has also worsened trade talks between the U.S. and India.
However, Trump has avoided placing new tariffs on Chinese imports, even though China also acquires Russian oil. His administration is testing to keep a fragile trade truce with Beijing, which recently led China to reduce its retaliatory tariffs that once stood at over 100%.
Treasury Secretary Scott Bessent is traveling to Madrid for another round of talks with Chinese Vice Premier He Lifeng. The discussions will focus on trade, U.S. demands for TikTok’s Chinese owner to sell its American operations, and anti-money laundering measures.
Donald Trump Threatens Russia
Trump, speaking on Fox News earlier on Friday, declared he is losing patience with Russian President Vladimir Putin. However, he stopped short of announcing new sanctions. He suggested the U.S. could increase sanctions on Russian banks and oil, and also raise tariffs, but stressed that European countries must also participate.
“We’re going to have to come down very, very strong,” Trump declared.
The Treasury spokesperson echoed that view, urging G7 partners to do more. “President Trump’s Peace and Prosperity Administration is ready, and our G7 partners required to step up with us,” the spokesperson declared.
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