The Trump-led US administration will now push G7 member countries to impose higher tariffs on India and China, to halt the Russian Oil purchases and pressure Moscow to engage in peace talks with Ukraine. Notably, India and China are two major buyers of Russian crude oil.
According to sources, finance ministers from the G7 leading nations, such as Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, are scheduled to discuss a US proposal for new measures as US President Donald Trump intensifies efforts to broker a peace deal in Ukraine in a video call on Friday. The anticipated higher Tariffs could range from 50 per cent to 100 per cent
Trump asked the EU to impose 100 % tariffs on India and China earlier
The development emerges just days after Trump asked the European Union to impose a 100 per cent tariffs on India and China for their continued purchase of crude oil from Russia. This act is pressuring Russian President Vladimir Putin’s war in Ukraine.
On the contrary, EU officials stated that such a move was unlikely, as the bloc treats sanctions and tariffs differently. Not only this, but the officials also highlighted that imposing high tariffs on two significant trading nations could be challenging due to various factors, such as economic impact, retaliation from Beijing, and an impending trade deal with New Delhi.
What did the Spokesperson from the US Treasury Department say?
A spokesperson from the US Treasury Department said that: “Chinese and Indian purchases of Russian oil are making Putin’s war machine stronger adding that: “Earlier this week, we made it clear to our EU allies that if they are serious about ending the war in their own backyard, they need to join us and impose meaningful tariffs that will be repeal the day the war ends.”