The US Treasury has called on Group of Seven (G7) and European Union allies to impose “meaningful tariffs” on China and India, warning that their purchases of Russian oil are funding Moscow’s ongoing war in Ukraine.
Speaking after an emergency call with G7 finance ministers, Treasury Secretary Scott Bessent underscored President Donald Trump’s push for coordinated action. “Only with a unified effort that cuts off the revenues funding Putin’s war machine at the source will we be able to apply sufficient economic pressure to end the senseless killing,” Bessent said, joined by Ambassador Robert Greer.
The remarks came as Trump’s administration raised the stakes by imposing an additional 25% tariff on Indian imports, doubling total duties on goods from India to 50%. Officials said the move was designed to pressure New Delhi to halt discounted Russian oil purchases, though it has further strained US-India trade talks.
“Chinese and Indian purchases of Russian oil are funding Putin’s war machine and prolonging the senseless killing of the Ukrainian people,” a Treasury spokesperson told Reuters in an emailed statement. “If our EU allies are serious about ending the war in their own backyard, they need to join us and impose meaningful tariffs that will be rescinded the day the war ends.”
While India faces sharp new trade penalties, the Trump administration has refrained from escalating tariffs on Chinese imports, as Washington tries to preserve a fragile trade truce with Beijing. Treasury Secretary Bessent is expected in Madrid on Friday for a fresh round of talks with Chinese Vice Premier He Lifeng, covering trade disputes, TikTok’s US operations, and financial compliance issues.
President Trump, in a Fox News interview earlier on Friday, voiced impatience with Russian President Vladimir Putin. “We’re going to have to come down very, very strong,” he said, noting that options include sanctions on banks and oil in addition to tariffs.
Bessent, pressing allies for urgency, added: “Thanks to President Trump’s bold leadership, the United States has already taken dramatic action against the purchasers of Russian oil. We are encouraged by assurances from our fellow G7 nations, and we are hopeful they will join us in taking decisive action at this critical time.”
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Inputs from Reuters