The US Treasury Secretary has reminded Chinese officials that purchasing Russian oil may face a 100% tariff

When meeting with the Chinese economic and trade team, US Treasury Secretary Bennett warned that if China continues to purchase sanctioned Russian oil, it may be subject to tariffs of up to 100%.

Reuters reported that Bessant held a press conference with US Trade Representative Greer in Stockholm, Sweden on Tuesday (July 29) after two days of talks between the US and China economic and trade teams.

Bessent said that the US Congress's legislation authorizing President Trump to impose tariffs of up to 500% on countries purchasing sanctioned Russian oil would prompt US Allies to take similar measures and cut off Russia's energy revenues.

He also expressed the dissatisfaction of the United States over China's continued purchase of sanctioned Iranian oil and the sale of military-civilian dual-use technology products worth over 15 billion US dollars to Russia. These products contributed to Moscow's war against Ukraine.

Trump had just returned to Washington from his trip to Scotland. On Air Force One, he announced to the reporters accompanying him that the deadline for Russia and Ukraine to reach a peace agreement had been shortened to 10 days, starting from that day. If Russia fails to make progress on this matter, it will face new sanctions from the United States.

Bessent said, "So I think any country that buys sanctioned Russian oil should be prepared for this."

Bessent pointed out that Chinese officials responded that China is a sovereign state with energy demands and oil purchases will be based on China's internal policies. The Chinese people attach great importance to their own sovereignty. We don't want to interfere with their sovereignty, so they might have to pay a 100% tariff.

China remains the largest buyer of Russian oil, with an average daily import volume of about 2 million barrels, followed by India and Turkey.

Bessent said that he also reminded He Lifeng, the Chinese head of the China-Us economic and trade cooperation and vice Premier of The State Council of China, that China's continuous sale of products ultimately used for weapons to Russia would undermine China's efforts to enhance trade relations with Europe.

Bessent said, "I pointed out to them that their actions of fueling the war on the European border have seriously damaged their image in the eyes of the European public."

After two days of talks in Stockholm, Sweden on July 29, the economic and trade teams of China and the United States agreed to extend the 90-day tariff truce agreement. However, US officials emphasized that Trump holds the final decision.