U.S. to Urge G7 to Impose Tariffs on China and India
According to a report by Financial Times, the United States is set to call on G7 countries to impose tariffs on China and India for continuing to import oil from Russia.
Citing four sources familiar with the matter, the report states that Washington sees this move as a way to pressure Russia into engaging in peace talks with Ukraine. G7 finance ministers are expected to discuss the U.S. proposal during a virtual meeting scheduled for Friday.
A spokesperson from the U.S. Treasury told Financial Times that oil purchases by China and India are “financing Putin’s war machine” and prolonging the conflict. The spokesperson added that Washington is advocating for “meaningful tariffs that would be lifted the day the war ends.”
Sources indicate that the U.S. is proposing tariffs ranging from 50% to 100%. Last month, Washington doubled tariffs on imports from India due to its continued purchases of Russian oil. Earlier this year, President Donald Trump imposed tariffs on Chinese goods, which were later partially rolled back.
The G7 includes the United States, Canada, France, Germany, Italy, Japan, and the United Kingdom.
