The United States will press G7 countries to impose sharply higher tariffs on India and China for buying Russian oil, the Financial Times reported Thursday, citing four people briefed on the plans.
According to the report, US President Donald Trump wants allies to adopt tariff levels of between 50 and 100 percent in an effort to cut off Moscow’s war funding.
Finance ministers from the G7 are due to discuss the proposal on Friday in a video call, the Financial Times said. The talks follow Trump’s call earlier this week for the European Union to impose tariffs of up to 100 percent on Beijing and New Delhi.
“Chinese and Indian purchases of Russian oil are funding Putin’s war machine and prolonging the senseless killing of the Ukrainian people,” a US Treasury spokesperson said. The official added that tariffs “will be rescinded the day the war ends.”
The push comes as the US ramps up pressure on allies to align with Trump’s “Peace and Prosperity Administration” efforts to bring Russia to the table for peace talks.
The EU, however, faces hurdles. Officials are reluctant to hit two major trading partners with steep tariffs, given economic risks and possible retaliation from Beijing. Brussels instead favors advancing its 2027 deadline for ending Russian energy purchases, alongside tougher sanctions.
Canada, which holds the G7 presidency, confirmed the meeting, saying it would consider “further measures to increase pressure on Russia and limit their war machinery.”
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With inputs from Reuters