The US threatened not to raise Chinese tariffs if Europe didn't start first.
US Treasury Secretary Scott Bessent has revealed that the Trump administration will not yet pursue further tariff measures against Chinese goods to pressure oil imports from Russia unless European countries first enact intensive tariff measures against China and India.
"We expect Europe to play its role, and we will not move forward if Europe does not join," Bessent said in an interview with Reuters and Bloomberg during trade talks with China in Madrid, where the issue of WFP and Russian oil is the main topic.
Bessent revealed that the United States has informed Chinese officials that it has raised tariffs on imported goods from India by 25%, and that President Donald Trump is pushing for Europe to enact between 50% and 100% tariff measures against China and India to extract Russian oil revenues, with the Chinese side replying that "buying oil is a matter of sovereignty."
He also criticized some European countries that continue to buy oil directly from Russia, or through products refined in India from cheap Russian oil, saying that "these behaviors are tantamount to helping support the war going on in their own region."
"I can guarantee you that if Europe takes secondary tax measures against Russian energy buyers, the war will be over in 60 to 90 days because it will cut off Moscow's main source of revenue," Bessent said.
The tariff measures against India have helped the U.S.-India talks make significant progress, with both countries preparing to open a new round of talks on Tuesday (Sept. 16) amid a relaxed atmosphere between Trump and Prime Minister Narendra Modi.
Bessent added that the U.S. is ready to cooperate with Europe in considering intensifying sanctions against Russian energy companies such as Rosneft and Lukoil, including the use of Russian state assets that have been sequestered since the 2022 invasion of Ukraine, suggesting that it could start by seizing parts of assets worth over $300 billion or establishing a special fund to serve as collateral for loans to Ukraine.










































































