Europe must 'do their share now' before US slaps China tariffs over Russian oil, Bessent says
The U.S. will not impose new tariffs on Chinese goods to stop Beijing from buying Russian oil unless European countries first adopt steep tariffs of their own, U.S. Treasury Secretary Scott Bessent said on Sept. 15, Reuters reported.
"I guarantee you that if Europe put on substantial secondary tariffs on the buyers of Russian oil, the war would be over in 60 or 90 days," Bessent said. "We expect the Europeans to do their share now, and we are not moving forward without the Europeans."
His comments echoed those of U.S. President Donald Trump, who on Sept. 14 linked potential new secondary sanctions on Russia to stronger European measures.
"I'm willing to do sanctions. But they (Europe) are going to have to toughen up their sanctions," he said.
Oil and gas revenues make up about one-third of Russia's federal budget, making energy exports a crucial source of funding for Moscow's war against Ukraine.
China and India remain among Moscow's largest oil buyers, fueling the Kremlin's war effort.
While Trump has threatened secondary sanctions and tariffs of up to 100% on Chinese exports, the administration has so far imposed only limited penalties.
Washington imposed a 25% tariff on all Indian imports on Aug. 1, followed by an additional 25% tariff on Aug. 6 related to India's ongoing purchases of Russian oil.
Trump has not announced new measures since then, instead pushing Europe to take the lead.
U.S. Energy Secretary Chris Wright similarly told the Financial Times on Sept. 8 that Europe must halt Russian fossil fuel imports if it expects Washington to escalate sanctions.
U.S. House Speaker Mike Johnson said on Sept. 14 that Congress was prepared to pursue tougher sanctions.
