US Ready To Hit China With Tariffs Over Russian Oil, But Wants Europe To Join
This comes after President Donald Trump slammed China for holding back purchases of American soybeans amid the trade war and threatened to terminate cooking oil imports.
The United States is prepared to impose tariffs on China for purchasing Russian oil, but such measures will only be effective if European allies join the effort, US Treasury Secretary Scott Bessent said at a press conference on Wednesday.
“It is the purchase of Russian oil by China that fuels the Russian war machine. China buys 60% — six zero per cent — of Russian energy. They buy 90% of Iranian energy,” Bessent stated, underscoring Washington’s growing frustration over Beijing’s continued trade with Moscow and Tehran despite Western sanctions.
The US Treasury chief, through a spokesperson, told Reuters that Washington would also present photographic evidence, provided by the Ukrainian government, showing that Chinese-made parts were being used in Russian drones operating in Ukraine.
This comes amid escalating tensions between China and US. President Donald Trump on Wednesday slammed China for holding back purchases of American soybeans amid the trade war and threatened to terminate cooking oil imports.
"I believe that China purposefully not buying our Soybeans, and causing difficulty for our Soybean Farmers, is an Economically Hostile Act. We are considering terminating business with China having to do with Cooking Oil, and other elements of Trade, as retribution," Trump posted on Truth Social.
China, earlier on Tuesday, announced sanction on five of South Korea's Hanwha Ocean's US subsidiaries. The move, according to the Chinese government, was to strengthen Beijing's security.
This was four days after US President Donald Trump threatened to place additional 100% tariffs on Chinese imports. However, Trump soon softened his stance on Sunday when he said, “Don’t worry about China, it will all be fine."
The US has already imposed sweeping export controls and sanctions, targeting Moscow’s energy revenues and defence supply chain, but Beijing’s purchases of discounted Russian oil and provision of dual-use goods have undercut the impact of those measures.
Last week, Beijing had announced broad new curbs on its exports of rare earths and other critical materials. Overseas exporters of items that use even traces of certain rare earths sourced from China will now need an export licence.
