ICYMI:US won’t impose China oil tariffs unless Europe acts, urges tougher Russian measures | investingLive

U.S. Treasury Secretary Scott Bessent said the Trump administration will not impose new tariffs on Chinese goods over Russian oil purchases unless Europe takes similar action. He told Reuters and Bloomberg that European governments must “do their share” to cut Moscow’s energy revenues, criticising both direct imports of Russian crude and purchases of Indian refined products.

Bessent noted the U.S. has already slapped 25% tariffs on Indian goods, while President Trump is pressing Europe to impose duties of 50–100% on both China and India. He argued that coordinated secondary tariffs could end the war “in 60 or 90 days” by choking off Russia’s main revenue stream.

Alongside tariffs, Bessent said Washington is weighing tougher sanctions on Russian oil majors and considering ways to tap frozen Russian assets, including moving part of the $300 billion held abroad into a special-purpose vehicle to back loans for Ukraine.

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Bessent’s remarks highlight policy divergence, with Washington pressing Europe to adopt harsher tariffs on China and India over Russian oil. While the stance limits immediate U.S. trade escalation, investors remain wary of renewed tariff risks and tougher sanctions that could affect energy and commodity markets.