Bessent declares new US tariff on China only after Europe acts – Firstpost

US Treasury Secretary Scott Bessent stated the Trump admin will hold off on new tariffs against Chinese goods over Russian oil purchases unless European countries also impose steep duties, stressing that Europe must play a hugeger role

US Treasury Secretary Scott Bessent stated on Monday that the Trump administration will not impose new tariffs on Chinese goods over Beijing’s purchases of Russian oil unless European countries also act with steep duties of their own.

In a joint interview with Reuters, Bessent stated Europe must take a stronger role in cutting off Russia’s oil revenues to support finish the war in Ukraine.

“We expect the Europeans to do their share now, and we are not relocating forward without the Europeans,” Bessent stated, when inquireed if Washington would impose oil-related tariffs on Chinese goods after President Donald Trump’s decision to slap an additional 25% duty on Indian imports.

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Bessent stated he reminded Chinese officials during talks in Madrid—covering trade and TikTok—that the US had already tarobtained Indian goods, while Trump has urged European nations to impose tariffs of 50% to 100% on China and India to squeeze Moscow’s energy revenues. According to him, the Chinese side responded that oil purchases are a “sovereign matter.”

He also criticized European countries still purchaseing Russian oil or petroleum products refined in India from discounted Russian crude, declareing such trade supported finance a war “in their own back yard.”

“I guarantee you that if Europe put on substantial secondary tariffs on the purchaseers of Russian oil, the war would be over in 60 or 90 days,” Bessent stated, arguing that such measures would cut off Moscow’s main source of income.

Bessent added that the US is ready to work with Europe on tougher sanctions against Russian firms, including major oil companies Rosneft and Lukoil, and to explore greater utilize of frozen Russian sovereign assets seized after the 2022 invasion of Ukraine.

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