On September 12, a meeting chaired by Canadian Finance Minister Francois- Philippe Champagne focused on increasing pressure to force Russia to end the conflict.
The G7 finance ministers discussed new sanctions against Russia, including the possibility of imposing tariffs on countries considered to be "assisting" the conflict in Ukraine.
US Treasury Secretary Scott Bessent called on EU and G7 partners to impose tariffs on China and India as the two countries continue to buy Russian oil. Mr. Bessent and US Trade Representative Jamieson Greer emphasized that unified action is needed to cut funding for Russia's military campaign. The two US officials welcomed the G7's commitment to increased sanctions and considered using frozen Russian assets to support Ukraine's defense.
Previously, a US Treasury spokesman said that Washington wanted its allies to impose meaningful tariffs on goods from China and India. President Donald Trump has imposed an additional 25% of tariffs on imports from India, raising the total penalty to 50%, affecting bilateral trade negotiations. However, he has avoided imposing additional tariffs on Chinese goods due to considering maintaining a temporary trade agreement with Beijing.
Mr. Bessent plans to go to Madrid to meet with Chinese Deputy Prime Minister He Lap Phong, discuss trade, Washington's demands on TikTok and anti-money laundering issues. Meanwhile, President Trump was impatient with Russian President Vladimir Putin, saying that if Europe tightened banking and oil together, the pressure would be greater. He declared: "We will have to be much stronger."
