US will not impose tariffs on China over Russian oil without Europe - Minister
Kyiv • UNN
US Treasury Secretary Scott Bessent stated that the US would not impose additional tariffs on Chinese goods to stop purchases of Russian oil unless European countries impose high tariffs on China and India. Bessent emphasized the need for Europe to play a more active role in reducing Russian oil revenues and ending the war in Ukraine.
US Treasury Secretary Scott Bessent said on Monday that the administration of US President Donald Trump would not impose additional tariffs on Chinese goods to stop China's purchase of Russian oil unless European countries imposed high tariffs on China and India, UNN reports with reference to Reuters.
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Bessent said in an interview that European countries need to play a more active role in reducing Russian oil revenues and ending the war in Ukraine.
"We expect the Europeans to do their part, and we will not move forward without the Europeans," Bessent said when asked whether the US would impose tariffs on Chinese goods related to Russian oil, after President Donald Trump imposed an additional 25% tariff on imports.
Bessent said that in talks with Chinese officials in Madrid on trade and TikTok, he pointed out that the US had imposed tariffs on Indian goods, and that Trump was urging European countries to impose tariffs of 50% to 100% on China and India to deprive Russia of oil revenues.
He said the Chinese side responded that oil purchases were a "sovereign matter."
Bessent criticized some European countries' purchases of Russian oil, while others buy refined petroleum products in India from Russian oil purchased at discounted prices, saying they are helping to finance the conflict on their doorstep.
"I guarantee you that if Europe imposes significant secondary tariffs on buyers of Russian oil, the war will end in 60 or 90 days," as this would deprive Moscow of its main source of revenue, Bessent said.
The head of the US Treasury said that the imposition of tariffs on Indian goods due to purchases of Russian oil has led to "significant progress" in negotiations with India. New Delhi and Washington will hold another round of talks with the US on Tuesday amid a recent softening of rhetoric between Trump and Indian Prime Minister Narendra Modi.
Bessent said the US is ready to work with European countries to consider strengthening sanctions against Russian companies, including major oil companies such as Rosneft and Lukoil, as well as measures to prepare for more active use of Russian sovereign assets frozen after Russia's invasion of Ukraine in 2022.
This could be achieved by taking small portions of the $300 billion in frozen assets to start, or placing them in a special fund that could serve as collateral for a loan to Ukraine, he said.