Washington:
After meeting with his Russian counterpart Vladimir Putin on Friday in Alaska, it would appear that US President Donald Trump has softened his position regarding the oil trade with Moscow. The American leader responded that he has no immediate plans to consider imposing retaliatory tariffs on nations such as China and India for purchasing oil from Russia, but that he could do so "in two or three weeks." After talks with Putin failed to produce an agreement to either resolve or put an end to Moscow's war in Ukraine, Fox News' Sean Hannity asked Trump if he was now considering taking punitive measures against Beijing. "Well, I don't think I need to think about that because of what happened today... Now, I might have to consider it in two weeks, three weeks, or something else, but we don't have to right now. After his meeting with Putin in Alaska, Trump stated, "I think, you know, the meeting went very well." Trump had stated prior to his meeting with Putin that Russia had lost India as one of its oil customers as a result of Washington's announcement of a penalty for New Delhi's purchases, which prompted the Russian leader to the negotiation table. If nothing is done to end the war in Ukraine, the United States has threatened to impose sanctions on Moscow and secondary sanctions on countries that purchase its oil. India and China are Russia's two primary oil purchasers. The US already imposed an additional 25 percent tariff on imports of Indian goods last week, citing its continued imports of Russian oil.However, no similar action has been taken against China so far.
If Trump keeps his promise to increase sanctions and tariffs against Russia, Beijing's slowing economy will likely suffer. Chinese President Xi Jinping is working with Trump on a trade deal that could lower tensions—and import taxes—between the world's two biggest economies.However, in the event that Trump intensifies his punitive measures, China may be Trump's only remaining target other than Russia.
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