WASHINGTON – The US Treasury on September 12 called on the Group of Seven (G-7) and European Union allies to impose “meaningful tariffs” on goods from China and India in an effort to halt their purchases of Russian oil, which the US says is funding Moscow’s war on Ukraine. An emergency G-7 finance meeting was convened to discuss how to increase pressure on Russia to end the conflict.
A US Treasury spokesperson said, “Chinese and Indian purchases of Russian oil are funding Putin’s war machine and prolonging the senseless killing of the Ukrainian people.” The spokesperson emphasized that tariffs would be rescinded once the war ends, urging G-7 partners to join the US in imposing these measures.
President Donald Trump has already imposed an additional 25 percent tariff on imports from India to pressure New Delhi to stop buying discounted Russian crude oil, raising the total punitive duties on Indian goods to 50 percent. However, Trump has refrained from adding further tariffs on Chinese imports, navigating a delicate trade truce with Beijing that has lowered retaliatory tariffs.
Treasury Secretary Scott Bessent is traveling to Madrid for talks with Chinese Vice Premier He Lifeng focused on trade issues, demands for Chinese-owned TikTok to divest US operations, and anti-money laundering concerns.
Despite his frustration with Russian President Vladimir Putin’s failure to end the war, President Trump stopped short of threatening new sanctions but suggested an increase in sanctions on banks, oil, and tariffs could be necessary. He stressed the importance of European countries joining in the effort, stating, “We’re going to have to come down very, very strong.”
The Treasury spokesperson called on G-7 partners to step up in unison with the US, reinforcing the Trump administration’s commitment to ending the war and restoring peace.