NextFin news, The US Treasury Department on Friday urged the Group of Seven (G7) nations and European Union (EU) allies to impose "meaningful tariffs" on goods imported from China and India. This call aims to discourage these countries from purchasing Russian oil, which the US sees as funding Russia's ongoing war in Ukraine.
The announcement was made in Washington, D.C., where US officials emphasized the need for coordinated international economic measures to pressure Russia. The US Treasury's appeal follows efforts by former President Donald Trump to push G7 nations to impose high tariffs, reportedly as high as 50%, on China and India for their continued acquisition of Russian oil.
The US government argues that imposing tariffs on goods from China and India will reduce their economic incentives to buy Russian energy, thereby cutting off financial resources that support Russia's military actions. The move is part of broader sanctions and trade policies aimed at isolating Russia economically.
The G7, consisting of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, along with the EU, are being called upon to coordinate these tariffs to maximize their impact. The US Treasury's statement on Friday underscores the urgency of this strategy as part of the international response to the conflict in Ukraine.
Sources for this report include Reuters, Modern Diplomacy, Yahoo Finance, and the Times of India, all reporting on the US Treasury's call on September 12, 2025.
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