Tariffs On India: Finance ministers of the G7 countries discussed new sanctions and spare trade measures versus Russia in a meeting held on Friday. This moreover 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 single-minded to maintaining pressure on Russia and ensuring the long-term security and economic stability of Ukraine.
"The G7 is single-minded to stopping Russia's war machine," said a statement from the Canadian finance ministry. It widow that member countries will intensify efforts to use Russia's seized resources to defend Ukraine and explore new options to increase financial support.
Tightening grip on Russian oil
In the meeting, special accent was laid on stopping the income from Russian oil. Recently, Canada, European Union and Britain have reduced the price limit on Russian transplanted oil from $ 60 per whisk to $ 47.60. In this sequence, the ministers moreover discussed comprehensive sanctions and possible tariffs on those countries which are ownership unseemly oil from Russia.
America's tough stand
US Treasury Secretary Scott Bessant urged other G7 countries to follow Washington in imposing tough tariffs. He said, "Only if we come together and wield pressure will we be worldly-wise to cut off the revenue of Putin's war machine and end this senseless violence."
The US Treasury spokesman moreover said that China and India are fuelling Putin's war by ownership 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 He added, "Meaningful tariffs will have to be imposed on China and India and these tariffs will be withdrawn once the war is over."
Trump's statement on tariffs on India
US President Donald Trump has imposed an spare 25% tariff on imports from India, taking the total surcharge duty to 50%. Its purpose is said to be to stop India from ownership 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 considering they were ownership oil from Russia. This is not easy and it creates a rift in relations with India,"
Still soft on China
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 victorious in Madrid, the wanted 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.
