Bessent warns China on Russian oil purchases that could bring 100% tariffs
Wrapping up two days of U.S.-China trade talks in Stockholm, Bessent said he also expressed U.S. displeasure at China's continued purchases of sanctioned Iranian oil, and its sales of over $15 billion worth of dual-use technology goods to Russia that have bolstered Moscow's war against Ukraine.
Bessent said legislation in the U.S. Congress authorizing Trump to levy tariffs up to 500% on countries that purchase sanctioned Russian oil would draw U.S. allies into taking similar steps to cut off Russia's energy revenues.
Trump on Monday shortened a deadline for Moscow to make progress toward a Ukraine war peace deal or see its oil customers slapped with secondary tariffs of 100% in 10 to 12 days, reflecting his growing frustration with Russia's actions.
"So I think anyone who buys sanctioned Russian oil should be ready for this," Bessent told a news conference.
Chinese officials responded by saying China was a sovereign nation with energy needs, and oil purchases would be based on the country's internal policies, Bessent said.
"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 said.
China remains the largest buyer of Russian oil, at about 2 million barrels per day, followed by India and Turkey.
Bessent said he also has warned his counterpart, Vice Premier He Lifeng, that China's continued sales of goods to Russia that wind up in weapons will hurt its efforts to boost 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 said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Independent
14 minutes ago
- The Independent
Top photos this week from Latin America and the Caribbean
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging. At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story. The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it. Your support makes all the difference.
Reuters
15 minutes ago
- Reuters
Indonesia's exports rise again in June as U.S.-bound shipments jump
JAKARTA, Aug 1 (Reuters) - Indonesia's exports rose in June as exporters sought to beat the U.S. tariff deadline and shipments of palm oil and gold jewellery increased, while inflation accelerated in July, official data showed on Friday. June shipments from Southeast Asia's biggest economy jumped 11.29% on a yearly basis to $23.44 billion, higher than the 10.41% forecast by economists polled by Reuters. Exports rose 9.68% in May. Excluding oil and gas, June shipments to the U.S. rose 33.5% on a yearly basis. Top Indonesian products sold to U.S. buyers included electrical machinery, clothing, footwear, palm oil, rubber and seafood. Shipments of palm oil from the world's biggest producer surged 15.1% in June, while gold and jewellery exports more than doubled from the same month in 2024. Imports in June rose 4.28% on a yearly basis to $19.33 billion, below the poll's forecast of 6.5%. The result was a bigger-than-expected trade surplus of $4.11 billion in June, above the poll's expectation of $3.45 billion, but down slightly from May's $4.30 billion. Indonesian exporters in recent months have brought forward shipments to the United States ahead of President Donald Trump's August 1 deadline for tariff negotiations. Washington set Indonesia's import tariff at 19% under a deal agreed in July, from threatening a 32% levy earlier, after Jakarta agreed to eliminate most tariffs affecting U.S. industrial and agricultural products and to buy more American goods. Trump has issued an executive order saying the new tariff rates will be implemented in seven days. Indonesia's trade surplus may be squeezed as the tariffs take effect, with imports likely to rise and exports affected by lower prices of its top commodities, such as coal, Bank Danamon economist Hosianna Situmorang said. Meanwhile, Indonesia's July annual inflation accelerated to 2.37% on an annual basis, more than the 2.25% expected by analysts, reflecting higher prices of foods such as shallots, rice, and tomatoes, as well as rising utility and education costs. Annual core inflation, which strips out government-controlled and volatile food prices, was 2.32% in July, compared with an analyst estimate of 2.37%. Both rates remained within the central bank's target range of 1.5% to 3.5%. Bank Indonesia has cut interest rates, opens new tab four times since September, citing low inflation and a need to support economic growth. Josua Pardede, an economist at Bank Permata, said despite the impact of the tariffs on Indonesia's external position, the current account deficit was likely to remain manageable. "This underpins our call for up to 50 bps BI-rate cuts in 2025," Pardede said.
Time Out
37 minutes ago
- Time Out
This gorgeous Central Asian country just extended visa-free travel to 56 countries
Good news for spontaneous adventurers, curious globetrotters, and business travellers: Kazakhstan has expanded its visa-free policy to include a whopping 56 countries, effective immediately. So, if you hold a passport from Thailand, Vietnam, the US, the UK, and beyond, you can now enter Central Asia's largest nation for up to 30 days while skipping all the fuss with paperwork. With this move, Kazakhstan hopes to attract business travellers, digital innovators, and, of course, travellers. Its tourism profile is undoubtedly rising – the country welcomed over 7.5 million visitors in the first half of 2025, an 8.7 percent increase compared to the same period in 2024 – and expanded visa-free access will only boost visitor numbers further. Whether you're eyeing a trip to the futuristic capital of Astana, the historic sights in Turkistan, or the otherworldly landscapes near Almaty, Kazakhstan just got a lot more welcoming. So, here's what you need to know about the country's new visa regime. Who can enter Kazakhstan visa-free? Europe (34 countries): Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom, and Vatican City Asia (9 countries): Indonesia, Israel, Japan, South Korea, Malaysia, Philippines, Singapore, Thailand, and Vietnam Middle East (6 countries): Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates Americas (5 countries): Canada, Chile, Colombia, Mexico, and the United States Oceania (2 countries): Australia and New Zealand Need to know before you go Effective immediately, passport holders from eligible countries can enter, stay, and exit Kazakhstan without a visa. Just note that stays are limited to 30 calendar days per visit, with a maximum of 90 days within a 180-day period. There are some special cases: Indian and Iranian citizens can stay visa-free for up to 14 days per visit, with a total of 42 days within 180 days. Turkish citizens get to stay for a whopping 90 days visa-free, thanks to close bilateral ties between the two countries. What does this mean for travellers from Asia? Time to pack your bags for Kazakhstan is what it means. Several Asian countries already offer direct flights there, including Thailand, Vietnam, India, China, and South Korea – and the number is growing every day. Now that access is visa-free, a trip to Kazakhstan could be as simple as a hop over to your favourite weekend destination. But let's be real, you'll want to spend a lot more time in Kazakhstan. Why Kazakhstan should be on your 2025/26 hit list Kazakhstan is the ninth-largest country in the world, and the largest landlocked one. In other words, it's massive, with plenty to explore. The country is home to some seriously unspoiled nature, with diverse landscapes ranging from deserts and canyons to mountains and jewelled lakes. These can be explored with guided tours (which we recommend booking far in advance) or, for the daring, by yourself in a rented car. Some top nature attractions include Altyn-Emel National Park, Kolsai Lakes National Park, and Charyn Canyon. Kazakhstan is also a dream for culture and history buffs. There's the ancient Silk Road town called Otrar, majestic mausoleums like the Mausoleum of Khamaja Ahmed Yasawi, and in stark contrast, fabulously futuristic cities such as Astana, with striking landmarks like the Baiterek Tower.
