
Trump NATO Envoy Warns China Over ‘Subsidizing' Russia's War
'China thinks they're fighting a proxy war through Russia, and we're seeing in some statements by the Chinese government that they want to keep the United States and our allies occupied with this war, so that we can't focus on our other strategic challenges,' NATO ambassador Matthew Whitaker said Tuesday on Fox Business.
'China, I think, has miscalculated,' he added. 'I think they need to be called out for their subsidizing this killing that is happening on the battlefields in Ukraine.'
Whitaker's comments come a week after US President Donald Trump threatened to impose tough economic penalties on Russia if it does not end its war on Ukraine within 50 days. Trump has said he would impose 100% tariffs, which officials have cast as secondary levies that would fall on countries who buy Russian exports such as oil.
China's imports of Russian oil have climbed since Russian President Vladimir Putin's invasion of Ukraine in 2022. Washington and other capitals allied with Kyiv view such oil purchases as a form of tacit support for Russia, helping to bolster its economy and undercut sanctions. Russia's crude exports hit a one-month high ahead of Trump's tariff threat on buyers of Russian oil.
Earlier: Russia's Crude Shipments Rebound Ahead of Trump Sanctions Threat
'The secondary sanctions are going to be significant. They're going to hit countries that are buying Russian oil, whether that's China, India or Brazil,' Whitaker said.
Trump has raised the prospect of tightening economic pressure on Russia before without following through and trade analysts have said secondary tariffs would be difficult to implement.
The threat also comes at a crucial time in US-Chinese relations with a tentative trade truce between the world's two largest economies set to end next month. US Treasury Secretary Scott Bessent told Fox Business on Tuesday that he would meet Chinese counterparts for talks next week in Stockholm.
Bessent earlier this week said that the next round of talks between the countries could include a discussion on Chinese purchases of both Russian and Iranian oil.
This article was generated from an automated news agency feed without modifications to text.
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Indian Express
16 minutes ago
- Indian Express
Uncertainty around US tariffs will not be over after August 1, even with signed trade deals
The US tariff saga has gone through many twists and turns. And many more are likely left. The ratcheting up of tariffs last month is broader and higher than expected. In late May, the view was that while the extant US average tariff rate was around 13-14 per cent, it was headed towards 18-20 per cent. Much of the increase was expected to be focused on ASEAN, where the tariff rate would be raised to that of China's to eliminate transshipment of Chinese exports to the US via the region. While those on Vietnam and Indonesia were in line with expectations, the additional tariffs on Brazil, Canada, and Mexico were not. Nor was the higher 50 per cent rate on copper. However, negotiations are ongoing, including with India, the EU, and Korea. If this week's Japan deal is any guide, tariffs on these economies will likely be half of the threatened levels. But, even at the reduced rate, if these, along with those on EU and the likely extensions of global sectoral tariffs to semiconductors and pharmaceuticals, are realised, then the effective tariff rate could well exceed 20 per cent. All eyes are therefore on August 1, which is the new deadline set by the administration for countries to finalise trade deals. But there is an upcoming and surprisingly overlooked event that could easily make these trade deals moot and plunge the tariff discussions into more uncertainty. On May 28, the US Court of International Trade (USCIT) ruled that tariffs imposed using the provisions under the International Emergency Economic Powers Act (IEEPA) overstepped the authority granted by the Act. The ruling did not consider the current conditions in the US to be a 'state of emergency,' which is needed to invoke IEEPA, to be convincing nor the use of tariffs to address it. 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Use Section 338 to impose tariffs on countries that are deemed to discriminate specifically against US commercial interests (such as digital services taxes by Australia, the EU, Canada, India, and others, although the taxes are imposed on other countries too). Complete Section 301 investigations on large trading partners (some are ongoing, for example, on the EU and Brazil). These investigations are resource intensive as they need to first identify the specific policy of a trading partner that is the basis of 'unfair competition 'and then quantify the 'harm' that such policies impose on US consumers for each product and for each country. The tariff rate needs to be commensurate with the harm caused and, thus, differ, from product to product for each country. Finally, roll all tariffs under Sections 301 and 232. As one can imagine, this is an arduous and uncertain process. 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The uncertainty around US tariffs will not be over after August 1, even with signed trade deals. US courts might well upset the best laid plans of mice and men. Continued uncertainty is the only certainty. The writer is Chief Emerging Markets Economist, J P Morgan. Views are personal


Economic Times
16 minutes ago
- Economic Times
Euro rises after US, EU agree to tariff deal
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Hindustan Times
31 minutes ago
- Hindustan Times
US and EU avert trade war with 15% tariff deal
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