US Treasury Secretary Bessent Says US Won’t Impose Tariffs on Chinese Goods Over Russian Oil Unless Europe Acts First
U.S. Treasury Secretary Scott Bessent stated on Monday that the Trump administration will not impose additional tariffs on Chinese goods aimed at curbing China’s purchases of Russian oil unless European countries first introduce steep duties on China and India.
Speaking to Reuters and Bloomberg in a joint interview, Bessent emphasized that European nations must play a stronger role in cutting off Russian oil revenues to help bring an end to the Ukraine conflict.
“We expect the Europeans to do their share now, and we are not moving forward without the Europeans,” Bessent said when asked if the U.S. would slap Russian oil-related tariffs on Chinese imports following President Donald Trump’s earlier imposition of a 25% tariff on Indian goods.
Bessent revealed that during trade discussions with Chinese officials in Madrid, he underscored the U.S.’s tariffs on Indian goods and Trump’s push for European countries to impose tariffs ranging from 50% to 100% on China and India to disrupt Russian oil financing. However, the Chinese side responded that their oil purchases are a “sovereign matter.”
He criticized certain European countries for continuing to buy Russian oil or refined petroleum products at discounted prices, arguing that such actions are effectively funding a conflict on their doorstep.
“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 asserted, highlighting the potential impact of cutting Moscow’s primary revenue source.
Bessent also noted that the tariffs on Indian goods have resulted in “substantial progress” in ongoing talks, with a new round of discussions scheduled. He expressed willingness to collaborate with European partners on stronger sanctions targeting Russian oil majors like Rosneft and Lukoil, as well as on utilizing frozen Russian sovereign assets estimated at $300 billion to support Ukraine, either through partial seizure or special collateral arrangements.
This firm stance signals a coordinated effort to pressure Russia economically, with Europe seen as a crucial player in enforcing sanctions linked to the ongoing war in Ukraine.
