Tariff tantrums: After India, China next to feel US’ secondary tariffs over Russian oil? ‘two or three weeks’ warns Donald Trump

After the US imposed a 50% tariff on India for purchasing Russian oil, many are questioning why China was spared such motion regardless of being considered one of Russia’s largest oil consumers.US President Donald Trump mentioned on Friday (native time) that he doesn’t see an instantaneous want to impose retaliatory tariffs on international locations like China for buying Russian oil, however cautioned that such motion might be taken “in two or three weeks,” Reuters reported.Earlier, Trump had introduced a 25% further tariff on India for purchasing Russian oil, accusing New Delhi of supporting Moscow’s ‘warfare machine.’ After Trump’s secondary tariffs, complete duties for Indian exports to the US now stand at 50%.Trump has repeatedly threatened sanctions on Moscow and secondary sanctions on international locations that proceed to purchase its oil if no strikes are made to finish the warfare in Ukraine. As for China, when requested by Fox News’ Sean Hannity on whether or not he was contemplating such motion towards Beijing after his summit with Russian President Vladimir Putin, Trump replied, “Well, because of what happened today, I think I don’t have to think about that.”“Now, I may have to think about it in two weeks or three weeks or something, but we don’t have to think about that right now. I think, you know, the meeting went very well.”Earlier within the day, Trump had described his assembly with Putin as “very productive,” however admitted that necessary points remained unresolved and no formal settlement was reached.Ahead of the summit, Trump advised that his tariff measures had been already hurting Moscow by costing it a key buyer. “Well, they lost an oil client so to speak, which is India, which was doing about 40% of the oil, China as you know is doing a lot…and if I did secondary sanctions, it would be devastating from their standpoint. If I have to do it, I’ll do it, maybe I won’t have to do it,” he mentioned throughout an interview on Air Force One.When requested why India had been focused first, whereas China continued shopping for Russian oil, Trump had replied, “You’re going to see a lot more…You’re going to see so much secondary sanctions.”The US president has warned that Chinese President Xi Jinping’s slowing economic system will face additional stress if Washington follows by way of on ramping up Russia-related sanctions and tariffs. While Xi and Trump are in talks on a commerce deal that would ease tensions and scale back import taxes between the world’s two largest economies, Beijing might turn into the next main goal if Trump decides to step up punitive motion.