Treasury’s Bessent Warns China of Tariffs Up to 500% on Russian Oil

U.S. Treasury Secretary Scott Bessent said he warned Chinese officials during two-day trade talks in Stockholm that Beijing’s continued purchases of sanctioned Russian crude could trigger steep “secondary” tariffs under bipartisan legislation moving through Congress. The bill would give President Donald Trump authority to impose duties of between 0 % and 500 % on countries that import oil subject to U.S. sanctions, with an initial 100 % levy possible within about two weeks if Moscow fails to advance peace talks with Ukraine. Bessent told reporters that China remains the largest buyer of Russian oil at roughly 2 million barrels a day and that additional penalties could extend to allies should they continue such purchases. Chinese counterparts, he said, responded that they would safeguard their “energy sovereignty,” indicating they were prepared to absorb higher costs rather than alter supply decisions. Bessent also raised U.S. concerns over China’s sales of dual-use technology to Russia, warning the practice could hamper Beijing’s efforts to deepen trade relations with Europe.