Finance ministers
Tariffs On India: Finance ministers of the G7 countries discussed new sanctions and additional trade measures against Russia in a meeting held on Friday. This also included a proposal to impose tariffs on countries that are considered to be indirectly supporting Russia in the Ukraine war. The meeting was conducted by Canadian Finance Minister François-Philippe Champagne. Canada is currently chairing the G7 and reiterated that all the allies are committed to maintaining pressure on Russia and ensuring the long-term security and economic stability of Ukraine.
"The G7 is committed to stopping Russia's war machine," said a statement from the Canadian finance ministry. It added that member countries will intensify efforts to use Russia's seized assets to defend Ukraine and explore new options to increase financial support.
In the meeting, special emphasis was laid on stopping the income from Russian oil. Recently, Canada, European Union and Britain have reduced the price limit on Russian crude oil from $ 60 per barrel to $ 47.60. In this sequence, the ministers also discussed comprehensive sanctions and possible tariffs on those countries which are buying cheap oil from Russia.
US Treasury Secretary Scott Bessant urged other G7 countries to follow Washington in imposing tough tariffs. He said, "Only if we come together and apply pressure will we be able to cut off the revenue of Putin's war machine and end this senseless violence."
The US Treasury spokesman also said that China and India are fuelling Putin's war by buying oil from Russia. He added, "Meaningful tariffs will have to be imposed on China and India and these tariffs will be withdrawn once the war is over."
US President Donald Trump has imposed an additional 25% tariff on imports from India, taking the total customs duty to 50%. Its purpose is said to be to stop India from buying Russian oil. However, Trump admitted that this step is not easy. Trump said in an interview, "Look, India was their biggest customer. I imposed a 50 percent tariff on India because they were buying oil from Russia. This is not easy and it creates a rift in relations with India,"
Despite taking a tough stance on India, the US has not yet raised tariffs on China as Washington wants to maintain a trade truce with Beijing. Finance Minister Scott Bessant will arrive in Madrid, the capital of Spain, on Friday, where he will hold talks with China's Deputy Prime Minister He Lifeng on issues such as trade, TikTok's US operations and financial monitoring.
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