US Treasury Secretary Scott Bessent said 85 senators are prepared to authorize President Donald Trump to impose tariffs of up to 500% on China for buying Russian oil. He warned that China's energy purchases fund Moscow's war machine and urged US allies to join in coordinated action.
Bessent said, "85 US senators are willing to give President Trump the authority to put up to 500% tariffs on China for the purchase of Russian oil."
The proposed tariffs, if implemented, would represent an unprecedented escalation in US-China trade relations, with potential implications for global oil markets and international trade. And, such extreme measures could trigger retaliatory tariffs from Beijing and disrupt already fragile supply chains.
"It is the purchase of Russian oil by China that fuels the Russian war machines. China buys 60% of Russian energy. They buy 90% of Iranian energy," Bessent said during a press conference on wednesday.
Bessent added that the US would produce photographs supplied by Ukraine showing Chinese components in Russian drones operating in Ukraine.
Rare earths: Strategic importance
China produces about 70% of the world's rare earth minerals and controls 90% of their processing, making it the dominant global supplier of metals used in electronics, defense, wind energy, and automobiles. The new rules require foreign firms to obtain Chinese government approval before exporting products containing even trace amounts of these minerals.
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