Trump ready to slap 'Ukrainian victory tariff' on China if Europe follows suit, treasury secretary says
The Trump administration proposed on Oct. 15 to fund Ukraine through new tariffs on China, provided that European allies impose similar measures.
"President (Donald) Trump has instructed the ambassador and myself to tell our European allies that we would be in favor of whether you would call it a 'Russian oil tariff' on China or a 'Ukrainian victory tariff' on China," U.S. Treasury Secretary Scott Bessent told journalists in Washington.
"But our Ukrainian or European allies have to be willing to follow."
The news comes ahead of a meeting between Trump and President Volodymyr Zelensky in Washington on Oct. 17, where the two leaders are expected to discuss support for Ukraine amid Russian aggression.
The proposed strategy aligns with Trump's earlier calls for Europe to increase economic pressure on Moscow as a condition for new U.S. sanctions.
According to Bessent, 85 U.S. senators are ready to give Trump the authority to "put up to 500% tariffs on China for the purchase of Russian oil."
Washington has already imposed 50% tariffs on India over its Russian energy imports and reportedly urged other G7 members to take similar steps as a way to pressure Russian President Vladimir Putin to sincere negotiations.
India and China are the leading buyers of Russian oil, helping Moscow fund its all-out war against Ukraine.
Bessent also complained that the European Parliament has ruled out tariffs on China, even though it is European countries that are more directly affected by the Russian threat.
"All I hear from the Europeans is that Putin is coming to Warsaw," Bessent said. "There are very few things in life I'm sure about, but I'm sure he is not coming to Boston."
The same day, U.S. Defense Secretary Pete Hegseth called upon NATO partners to ramp up purchases of U.S. arms for Ukraine under the NATO framework. He also warned that Washington and its allies are ready to "impose costs on Russia" unless the war in Ukraine ends.
