U.S. Urges Tariffs to Halt Russian Oil Trade

The U.S. Treasury is urging allies to impose tariffs on Chinese and Indian goods for purchasing Russian oil. President Trump increased tariffs on India and warned of more sanctions against Russia, while diplomatic talks with China continue. The aim is to press Russia to end the Ukraine war.

The U.S. Treasury has called on the Group of Seven and EU allies to levy meaningful tariffs on goods from China and India, aiming to curb their purchases of Russian oil. This move is intended to crank up monetary pressure on Moscow to conclude its ongoing war in Ukraine.

President Donald Trump has announced an additional 25% tariff on Indian imports, escalating the total to 50%, a measure aimed at ceasing India's acquisition of discounted Russian crude oil. While Trump has stopped short of new tariffs on Chinese imports, his administration continues cautious negotiations with Beijing.

Treasury Secretary Scott Bessent plans to meet with Chinese Vice Premier He Lifeng to discuss trade issues, including the mandated divestment of TikTok's U.S. operations. Trump expressed frustration over the continued conflict in Ukraine, indicating that increased sanctions could be a future possibility.