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'Coercion and pressure': China slams Trump's secondary sanction threat for buying Russian oil
'China will always ensure its energy supply in ways that serve our national interests. Tariff wars have no winners. Coercion and pressuring will not achieve anything…,' said China's Foreign Ministry spokesperson read more US President Donald Trump meets with China's President Xi Jinping at the start of their bilateral meeting at the G20 leaders summit in Osaka, Japan, June 29, 2019. File Photo/Reuters Beijing on Wednesday slammed US President Donald Trump for threatening to impose secondary sanctions on countries that continue purchasing oil from Russia, calling the move an act of 'coercion and pressure.' In a strongly worded response on X, a spokesperson for China's Foreign Ministry said, 'China will always ensure its energy supply in ways that serve our national interests. Tariff wars have no winners. Coercion and pressuring will not achieve anything. China will firmly defend its sovereignty, security and development interests.' STORY CONTINUES BELOW THIS AD Response to U.S. suggestion that it will significantly raise tariffs if China continues to purchase Russian oil: China will always ensure its energy supply in ways that serve our national interests. Tariff wars have no winners. Coercion and pressuring will not achieve anything.… — CHINA MFA Spokesperson 中国外交部发言人 (@MFA_China) July 30, 2025 Earlier in the day, President Trump imposed 25% tariffs and imposed a penalty on India for buying Russian oil amid the ongoing war in Ukraine. He also warned China and threatened to impose tariffs on Beijing. '…Also, they (India) have always bought a vast majority of their military equipment from Russia, and are Russia's largest buyer of ENERGY, along with China, at a time when everyone wants Russia to STOP THE KILLING IN UKRAINE — ALL THINGS NOT GOOD!' Trump posted on Truth Social. On Tuesday, the US and China agreed to extend their mutual tariff pauses for another 90 days, following two days of high-level bilateral talks held in Stockholm, Sweden. Under the extension, the US will maintain its 30% tariffs on Chinese goods, while China will continue its 10% tariffs on American products. STORY CONTINUES BELOW THIS AD Welcoming the development, China's Vice Premier He Lifeng, who led the Chinese delegation, said: 'A stable, healthy and sustainable China-US economic and trade relationship serves not only the two countries' respective development goals but also contributes to global economic growth and stability.' U.S. Treasury Secretary Scott Bessent, part of the American delegation, described the discussions as 'very fulsome,' noting that the two sides covered a wide range of issues, including China's trade relations with Russia and its oil imports from Iran. 'We just need to de-risk with certain, strategic industries, whether it's the rare earths, semiconductors, medicines, and we talked about what we could do together to get into balance within the relationship,' Bessent added. The agreement marks a temporary easing of tensions in a trade relationship that remains under strain due to strategic concerns and geopolitical alignments. With inputs from agencies
First Post
16 minutes ago
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Trump Says Beyonce, Oprah, Kamala Harris Took Illegal Money from Democrats Firstpost America
Trump Says Beyonce, Oprah, Kamala Harris Took Illegal Money from Democrats |Firstpost America | N18G US President Donald Trump has accused Beyonce, Oprah Winfrey, and Al Sharpton of receiving illegal payments from the Democratic Party to endorse Kamala Harris during the 2024 campaign. In a Truth Social post made from Scotland, Trump alleged that Beyoncé was paid $11 million despite not performing, while Oprah and Sharpton received millions for "doing nothing." However, campaign finance records contradict these claims, listing payments as event production costs. Critics say Trump's accusations are a diversion from ongoing scrutiny over his ties to Jeffrey Epstein. The explosive post adds to Trump's ongoing battles with the media and political rivals. Watch the video to know more. See More
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Business Standard
16 minutes ago
- Business Standard
Indian equity markets set for losses after Donald Trump's tariff surprise
Indian equity markets are expected to open lower on Thursday after US President Donald Trump's unexpected announcement of a 25 per cent tariff on Indian goods, effective August 1. President Trump also indicated possible further penalties on India's energy imports from Russia. Following Trump's announcement the Nifty derivatives contracts traded at the Gujarat International Finance Tec-City (GIFT City) shed over half a per cent. Experts said the markets could decline between 1 and 2 per cent on Thursday. Most vulnerable stocks will be from garments, pharmaceuticals, gems and jewellery, automotive and petrochemicals sector. However, those with no US exposure could also be impacted due to the concerns of overall impact on the economic growth. Analysts said if no deal is reached with the US or could shave off GDP growth by 20 basis points. 'Markets will react negatively to the tariff imposition. Despite the unpredictability of US policy, investors anticipated a deal given the aligned long-term interests between the US and India,' said Nilesh Shah, MD, Kotak Mahindra AMC. Sectorally, the inclusion of pharmaceuticals among the tariffed goods could have a significant impact, as the US accounts for over 30 per cent of India's pharma exports. 'Markets may fall 1-1.5 per cent but should stabilise soon after. While several sectors will feel the pain, the broader impact may be contained as long as IT and service exports remain unaffected,' said Chokkalingam G, founder, Equinomics. The US President's threats of additional penalties came a day after he formally announced to Russia a 10-day deadline to reach a truce with Ukraine. The US had threatened secondary levies that would target countries that import Russian exports, such as oil. India was among the first to engage with the US in trade talks. The US is India's largest trading partner and top export market. Market experts said that a 25 per cent tariff rate is a negative development compared to lower rates for peers such as Vietnam, Indonesia, and the Philippines, which compete with India in similar categories of labour-intensive products and electronic goods, as well as for foreign portfolio investment (FPI) flows. FPIs have been net sellers in India this month while being buyers in other emerging markets.
