The U.S. Treasury on Friday urged Group of Seven (G7) nations and the European Union (EU) to place “serious tariffs” on Chinese and Indian goods, saying their continued purchases of Russian oil are helping to fund Moscow’s war in Ukraine. Washington also called an emergency G7 finance meeting to discuss new ways to increase pressure on Russia.
A Treasury spokesperson told Reuters in an email that “Chinese and Indian purchases of Russian oil are funding Putin’s war machine and prolonging the killing of Ukrainians.” The spokesperson added that the U.S. has already warned EU allies this week that if they are serious about ending the conflict, they must join Washington in imposing tariffs that would be lifted once the war ends.
US Has Imposed 50% Tariffs on India
President Donald Trump has already raised tariffs on Indian imports. He later added another 25% tariff on Indian goods, bringing the total extra duties to 50%. This move is aimed at pressuring New Delhi to stop buying Russian oil at discounted prices, but it has also worsened trade talks between the U.S. and India.
However, Trump has avoided placing new tariffs on Chinese imports, even though China also buys Russian oil. His administration is trying to keep a fragile trade truce with Beijing, which recently led China to reduce its retaliatory tariffs that once stood at over 100%.
Treasury Secretary Scott Bessent is traveling to Madrid for another round of talks with Chinese Vice Premier He Lifeng. The discussions will focus on trade, U.S. demands for TikTok’s Chinese owner to sell its American operations, and anti-money laundering measures.
Donald Trump Threatens Russia
Trump, speaking on Fox News earlier on Friday, said he is losing patience with Russian President Vladimir Putin. However, he stopped short of announcing new sanctions. He suggested the U.S. could increase sanctions on Russian banks and oil, and also raise tariffs, but stressed that European countries must also participate.
“We’re going to have to come down very, very strong,” Trump said.
The Treasury spokesperson echoed that view, urging G7 partners to do more. “President Trump’s Peace and Prosperity Administration is ready, and our G7 partners need to step up with us,” the spokesperson said.
