US Treasury Secretary Scott Bessent has warned Chinese officials that continued purchases of sanctioned Russian oil could result in steep tariffs under a bill currently moving through Congress, Reuters reported, citing Bessent during US-China trade talks in Stockholm on July 30.
The Treasury Secretary explained that the proposed legislation would allow President Donald Trump to impose tariffs of up to 500% on countries that continue to buy Russian oil subject to sanctions. He added that such measures could prompt US allies to take similar steps in order to reduce Russia’s energy revenues.
“So I think anyone who buys sanctioned Russian oil should be ready for this,” he said.
In response, Chinese officials reportedly emphasized that China is a sovereign nation with its own energy needs and that its oil purchases are based on internal policy.
“The Chinese take their sovereignty very seriously. We don’t want to impede on their sovereignty, so they’d like to pay a 100% tariff,” Bessent noted.
The Treasury Secretary also expressed concern over China’s continued imports of sanctioned Iranian oil and the sale of dual-use technology to Russia worth more than $15 billion. He warned Chinese Vice Premier He Lifeng that further exports of goods that could be used for weapons production would undermine China’s efforts to strengthen trade ties with Europe.
“I pointed out to them that it is very much hurting their public perception in Europe that they are contributing to the war on the European border,” Bessent added.
US President Donald Trump recently stated he is not seeking an immediate meeting with Chinese leader Xi Jinping, though he has already received an invitation to visit China.
Previously, Trump issued an ultimatum to Russian leader Vladimir Putin to initiate a peace agreement with Ukraine till August 8—after that, the United States will impose secondary sanctions, including tariffs and other economic measures.
