U.S. Treasury Secretary Scott Bessent on Tuesday said he warned Chinese officials that continued purchases of sanctioned Russian oil would lead to big tariffs due to legislation in Congress, but was told that Beijing would protect its energy sovereignty,
Reuters reports.
Wrapping up two days of U.S.-China trade talks in Stockholm, Bessent said he also expressed U.S. displeasure at China's continued purchases of sanctioned Iranian oil, and its sales of over $15 billion worth of dual-use technology goods to Russia that have bolstered Moscow's war against Ukraine.
Bessent said legislation in the U.S. Congress authorizing Trump to levy tariffs up to 500% on countries that purchase sanctioned Russian oil would draw U.S. allies into taking similar steps to cut off Russia's energy revenues.
Trump on Monday shortened a deadline for Moscow to make progress toward a Ukraine war peace deal or see its oil customers slapped with secondary tariffs of 100% in 10 to 12 days, reflecting his growing frustration with Russia's actions.
"So I think anyone who buys sanctioned Russian oil should be ready for this," Bessent told a news conference.
