US Finance Minister Bessnt on Wednesday (October 15) announced that 85 US senators are willing to grant President Donald Trump the power to impose tariffs up to 500% on China for Russian oil purchases
Bessnt said: “85 US senators are willing to give President Trump the power to give up to 500% of tariffs to China for buying Russian oil.”
The proposed tariffs, if they were carried out, would be unprecedented escalation in business relations in the US and China with potential consequences for global oil markets and international trade. And such extreme measures could trigger retaliation from Beijing and disrupt the fragile supplier chains.
The United States is ready to deposit tariffs on Russian oil purchases, but Bessent stressed that European allies in Washington must participate in such an event.
“It is the purchase of Russian oil in China, which supports Russian war machines. China buys 60%, six percent of Russian energy. They buy 90% of Iranian energy,” Bessen said during the press conference on Wednesday.
Bessent added that the US will produce photographs supplied by Ukraine, showing Chinese components in Russian drones operating in Ukraine.
Pause on American tariffs to talk about rare countries
Bessnt proposed the possibility of delaying high American tariffs to Chinese goods if Beijing puts off his plan to tighten the limits of exports of critical rare countries.
“Is it possible that we could go for a longer role in return? Maybe.
The US and China agreed with several 90 -day hulls on import obligations up to 145%, with another term approaching in November.
Global Coordination against the Chinese Export Flower
The Minister of Finance emphasized the importance of cooperation with the Allies, including India, to face Chinese exports to rare soil minerals.
“This is China Versus the World. They headed for Bazoook to the supply chains and the industrial base of the whole free world,” Bessnt said.
He added: “We have already been in contact with the Allies. We will meet them this week and expect to get considerable global support from the Indians from Democracy in Asia.”
Bessnt characterized Chinese actions as an attempt to dominate the stocks of rare soils and promised that Washington and its allies would not be “commanded or controlled”.
Rare soils: strategic meaning
China produces about 70% of the world’s rare soil minerals and controls 90% of their processing, making it a dominant global metal supplier used in electronics, defense, wind energy and cars.
The new rules require foreign companies to obtain the approval of the Chinese government before exporting products containing even number of these minerals.
Also read | The US will not negotiate with China because the market is declining, says Scott Bessnt
Trump’s reaction and Asia Trip
US President Donald Trump replied by threatening another 100% tariffs on Chinese goods from November 1 and increasing the possibility of interrupting the oil shop, the key biofuel input.
Bessnt confirmed that Trump is still determined to meet Chinese President Xi Jinping in South Korea at the end of this month.
“There is a very good chance that I am traveling to Asia before Trump and I will meet my Chinese counterpart, a vice -prescription that Lifengeng,” Bessent said.
The meeting is expected to coincide with the summit and contracts in Asia-Pacific Hospondeation (APEC) in Malaysia, Japan and South Korea.
Avoiding a full escalation of trade
Bessnt insisted that Washington does not want to escalate the business conflict with China and emphasize everyday communication between officials from both countries.
“The business conflict between the two countries was not even done because of Trump’s trust and XI,” he said.
Despite the Chinese warning that he is ready to “fight until the end” in the trade war, Bessnt stressed that both leaders have a “excellent relationship” and indicated willingness to solve tension through diplomacy.
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