Bessent warns China on Russian oil purchases could bring 100% tariffs

Stockholm: US treasury secretary Scott Bessent on Tuesday said he warned Chinese officials that continued purchases of sanctioned Russian oil would lead to big tariffs due to legislation in Congress, but was told that Beijing would protect its energy sovereignty.Wrapping up two days of trade talks in Stockholm, Bessent said he also expressed US displeasure at China's purchases of sanctioned Iranian oil, and its sales of over $15 billion worth of dual-use technology goods to Russia that have bolstered its war against Ukraine. Bessent said US legislation authorising tariffs up to 500% on nations buying Russian oil would draw US allies into taking similar steps. Bessent said he also warned his counterpart, vice premier He Lifeng, that China's sales of goods to Russia will hurt its bid to boost trade ties with Europe.