US Treasury calls on G-7, EU to impose tariffs on China, India over Russian oil purchases
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A Treasury spokesman said purchases of Russian oil by China and India are funding Russia's invasion of Ukraine.
PHOTO: REUTERS
Follow topic:
- US Treasury urges G-7 and EU allies to impose tariffs on Chinese and Indian goods due to Russian oil purchases.
- The US Treasury spokesperson stated these purchases fund "Putin's war machine," prolonging the conflict in Ukraine.
- Trump expresses frustration with Putin, considering sanctions and tariffs to pressure Russia, but seeks European participation.
AI generated
WASHINGTON - The US Treasury on Sept 12 called on the Group of Seven and European Union allies to impose “meaningful tariffs” on goods from China and India to halt their purchases of Russian oil and convened an emergency G-7 finance meeting to discuss efforts to step up pressure on Moscow to end its war in Ukraine.
“Chinese and Indian purchases of Russian oil are funding Putin’s war machine and prolonging the senseless killing of the Ukrainian people,” a US Treasury spokesperson said in an e-mailed statement to Reuters.
“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are serious about ending the war in their own backyard, they need to join us and impose meaningful tariffs that will be rescinded the day the war ends,” the spokesperson added.
President Donald Trump has imposed an extra 25 per cent tariff on imports from India
But Mr Trump has refrained from imposing additional tariffs on Chinese imports over China’s purchases of Russian oil, as his administration navigates a delicate trade truce with Beijing that has brought down retaliatory tariffs from over 100 per cent.
Treasury Secretary Scott Bessent is due to travel to Madrid on Sept 12 for another round of talks with his Chinese counterpart, Vice-Premier He Lifeng, that will cover trade issues, Washington's demands for Chinese-owned TikTok to divest its US operations, and anti-money laundering issues.
Mr Trump earlier on Sept 12 said his patience with Russian President Vladimir Putin was running out, but stopped short of threatening new sanctions on Russia during a Fox News interview.
Mr Trump expressed frustration in the interview about Mr Putin’s failure to halt the war despite Mr Trump’s peacemaking efforts. Mr Trump said sanctions on banks and oil were an option to increase along with tariffs to increase pressure on Russia, but added that European countries also needed to participate.
“We’re going to have to come down very, very strong,” Mr Trump said.
The Treasury spokesperson said that G-7 partners also needed to increase pressure on Russia.
“President Trump’s Peace and Prosperity Administration is ready, and our G-7 partners need to step up with us,” the spokesperson added. REUTERS
