U.S. Treasury Urges G7 and EU to Impose Tariffs on China and India Over Russian Oil

The U.S. Treasury has called on its Group of Seven (G7) and European Union (EU) partners to impose new tariffs on goods from China and India. The move aims to pressure both countries to stop buying Russian oil, which Washington says is financing Moscow’s war in Ukraine. An emergency G7 finance meeting was also convened to discuss the issue.

U.S. Treasury Statement

According to a Treasury spokesperson, Chinese and Indian purchases of Russian oil are directly supporting President Vladimir Putin’s military campaign. The spokesperson stressed that the U.S. wants its allies to impose “meaningful tariffs,” which would be lifted once the war in Ukraine ends.

Trump’s Tariff Policy on India

President Donald Trump has already increased tariffs on Indian imports. He added an extra 25% duty, bringing total punitive tariffs on Indian goods to 50%. The measure is designed to discourage New Delhi from continuing its discounted purchases of Russian crude oil. However, this move has strained ongoing trade talks between the two countries.

U.S. Trade Approach Toward China

In contrast, Trump has avoided adding more tariffs on China despite Beijing’s oil purchases from Russia. His administration is trying to maintain a fragile trade truce with China, which has reduced retaliatory tariffs from more than 100%.

Treasury Secretary Scott Bessent is expected to meet with Chinese Vice Premier He Lifeng in Madrid to discuss trade, the U.S. demand for TikTok to divest its U.S. operations, and anti-money laundering cooperation.

Trump’s Position on Russia

In a Fox News interview, Trump said his patience with Putin was running out. While he did not announce new sanctions, he warned that tougher measures could target Russian banks and oil if the war continues. He also emphasized that European countries must share the burden of increasing pressure on Moscow.

“We’re going to have to come down very, very strong,” Trump said, signaling a possible escalation of tariffs and sanctions.

G7 Pressure Needed

The Treasury stressed that Washington cannot act alone. “President Trump’s Peace and Prosperity Administration is ready, and our G7 partners need to step up with us,” the spokesperson concluded.