The US has warned European nations to be ready to support steep tariffs on Chinese goods and signaled that India could face higher duties over its purchases of Russian oil, Treasury Secretary Scott Bessent said. Speaking to Bloomberg TV, Bessent urged Europe to “get on board” with tougher trade measures, saying he was disappointed by the tepid response when he floated the idea at a Group of Seven (G-7) meeting earlier this year.
Bessent said sanctions on Russia “can go up” or “can be loosened” depending on the outcome of a meeting scheduled for Friday between President Donald Trump and Russian President Vladimir Putin. “The Europeans need to join us in these sanctions. They need to,” he said. “It’s put up or shut up time. We put secondary tariffs on the Indians for buying Russian oil. And I could see if things don’t go well, then sanctions or secondary tariffs could go up.”
Since Russia’s invasion of Ukraine in February 2022, the US, European nations, Japan and other allies have imposed multiple rounds of sanctions. The European Union adopted its 18th package in July, which included restrictions on Russian energy.
Bessent’s remarks appeared to refer to Trump’s use of so-called secondary tariffs targeting purchases of Russian energy. Trump has imposed a 25% tariff on goods from India, due to take effect later this month, over New Delhi’s Russian oil imports, in addition to a 25% base tariff, effectively doubling the rate to 50%.
At the G-7 meeting in Canada, Bessent recalled asking fellow leaders: “Is everyone at this table willing to put a 200% secondary tariff on China?” He said the question was met with silence: “Everybody wanted to see what kind of shoes they were wearing.”
Bessent added that Trump “will make it clear to President Putin that all options are on the table” during their upcoming meeting.
With inputs from Bloomberg
Bessent said sanctions on Russia “can go up” or “can be loosened” depending on the outcome of a meeting scheduled for Friday between President Donald Trump and Russian President Vladimir Putin. “The Europeans need to join us in these sanctions. They need to,” he said. “It’s put up or shut up time. We put secondary tariffs on the Indians for buying Russian oil. And I could see if things don’t go well, then sanctions or secondary tariffs could go up.”
Since Russia’s invasion of Ukraine in February 2022, the US, European nations, Japan and other allies have imposed multiple rounds of sanctions. The European Union adopted its 18th package in July, which included restrictions on Russian energy.
Bessent’s remarks appeared to refer to Trump’s use of so-called secondary tariffs targeting purchases of Russian energy. Trump has imposed a 25% tariff on goods from India, due to take effect later this month, over New Delhi’s Russian oil imports, in addition to a 25% base tariff, effectively doubling the rate to 50%.
At the G-7 meeting in Canada, Bessent recalled asking fellow leaders: “Is everyone at this table willing to put a 200% secondary tariff on China?” He said the question was met with silence: “Everybody wanted to see what kind of shoes they were wearing.”
Bessent added that Trump “will make it clear to President Putin that all options are on the table” during their upcoming meeting.
With inputs from Bloomberg
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