US Treasury Secretary Besant warned during talks with the Chinese economic and trade team that if China continues to purchase sanctioned Russian oil, tariffs as high as 100% may be imposed.
According to foreign media reports, on the 29th, after the Sino-US economic and trade teams concluded two days of talks, Besant and US Trade Representative Greer held a joint press conference in Stockholm, the capital of Sweden.
Besant said the US Congress has legislated to authorize President Trump to impose tariffs of up to 500% on countries purchasing sanctioned Russian oil, which will prompt US allies to take similar measures, cutting off Russia’s energy revenue.
He also expressed US dissatisfaction with China’s continued purchase of sanctioned Iranian oil, as well as the sale to Russia of more than USD 15 billion (63.573 billion ringgit) worth of dual-use technological products. These products have fueled Moscow’s war against Ukraine.
Trump just finished his trip to Scotland and flew back to Washington. He announced to reporters aboard Air Force One that the deadline for a peace agreement between Russia and Ukraine has been shortened to 10 days, starting from that day. If the Russian side fails to make progress, a new round of American sanctions will be imposed.
China remains the largest buyer of Russian oil, with an average daily import of about 2 million barrels, followed by India and Turkey.
Besant said he also reminded the Chinese lead of the Sino-US economic and trade talks, Chinese Vice Premier He Lifeng, that China’s continued sale to Russia of products ultimately used in weapons would harm China's efforts to improve trade relations with Europe.
Besant said: “I pointed out to them that their actions in fueling the war on Europe's borders seriously damage their image in the eyes of the European public.”
The Sino-US economic and trade teams agreed to extend the 90-day tariff truce after the two days of talks held on July 29 in Stockholm, Sweden, but US officials emphasized that Trump has the final decision.