NextFin news, WASHINGTON — On Tuesday, US Treasury Secretary Scott Bessent stated that the United States will not impose tariffs on China over its purchases of Russian oil unless European countries act first by implementing similar measures.
Bessent made the announcement during a press briefing in Washington, emphasizing that the US expects Europe to take the lead in addressing the issue of Russian oil imports amid ongoing geopolitical tensions.
The decision reflects the US administration's approach to coordinate with European allies before escalating trade penalties against China, which has been increasing its imports of Russian oil despite sanctions imposed on Russia by Western countries.
According to Bessent, the US Treasury is prepared to impose tariffs ranging from 50% to 100% on Chinese goods if Europe follows suit, signaling a unified front against Russia's oil trade. However, until Europe acts, the US will refrain from unilateral tariff measures.
This stance comes amid broader international efforts to curb Russia's economic gains from its oil exports following its invasion of Ukraine. The US and its allies have imposed sanctions aimed at limiting Russia's energy revenues, but China's continued purchases have complicated enforcement.
The announcement was reported by multiple news outlets, including The Hindu and Firstpost, citing Bessent's remarks made on Tuesday in Washington.
China has criticized the US proposal, calling it an attempt to unfairly target Chinese trade relations, as reported by TradingView on Monday.
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