The United States is urging its allies to impose tariffs on China and India in response to their purchases of Russian oil. This call to action comes as the Group of Seven nations’ finance ministers held a meeting on Friday to discuss further sanctions on Russia and possible trade measures against countries enabling its war in Ukraine.
Canadian Finance Minister Francois-Philippe Champagne chaired the G7 meeting, which aimed to increase pressure on Russia to end its conflict with Ukraine. The ministers agreed to accelerate discussions on using frozen Russian assets to fund Ukraine’s defense and explored a range of economic measures, including tariffs, to pressure Russia.
US Treasury Secretary Scott Bessent and US Trade Representative urged finance ministers to join the US in imposing tariffs on countries buying Russian oil. They emphasized that a unified effort is necessary to cut off revenues funding Russia’s war and apply sufficient economic pressure to end the conflict.
The US has already imposed a 25% tariff on imports from India, bringing total punitive duties on Indian goods to 50%. However, it has refrained from imposing additional tariffs on Chinese imports, navigating a delicate trade truce with Beijing. President Donald Trump expressed frustration with Russian President Vladimir Putin’s failure to halt the war, suggesting that sanctions on banks and oil could be an option to increase pressure on Russia.
The US Treasury Secretary is set to travel to Madrid for talks with his Chinese counterpart, covering trade issues and Washington’s demands for Chinese-owned TikTok to divest its US operations. The situation remains complex, with the US pushing for a unified response from its allies to pressure Russia and end the war in Ukraine. The next steps will likely involve continued diplomatic efforts and potential escalation of economic measures against Russia and countries supporting its war effort.
