US Threatens 500% Tariffs on China Over Russian Trade and Rare Earths

The United States escalated its trade rhetoric against China on Wednesday, with Treasury Secretary Scott Bessent warning that American lawmakers may support tariffs as high as 500% on Chinese imports tied to trade with Russia.

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China Criticized for Russian Oil Purchases

Speaking at a press briefing, Bessent singled out China for purchasing Russian energy, claiming it fuels the “Russian war machine.” He stated that China accounts for 60% of Russian energy imports and 90% of Iran’s energy exports, framing these transactions as destabilizing global security.

This warning follows repeated US pressure on both China and India to curb imports of Russian oil in light of ongoing geopolitical tensions.

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Rare Earth Export Restrictions Draw US Ire

Beyond energy concerns, Bessent condemned China’s new export controls on rare earth minerals, accusing Beijing of acting as “an unreliable partner to the world.” The restrictions, which limit foreign military access to critical materials, prompted Bessent to assert that Washington would not be bound by Beijing’s policies.

“Make no mistake, this is China vs the world,” he said, highlighting the global implications of these export controls.

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Diplomacy Still on the Agenda

Despite the confrontational statements, Bessent confirmed that high-level discussions between US and Chinese leaders remain scheduled. President Donald Trump is expected to meet Chinese officials in South Korea later this month.

Bessent sought to balance the warnings with reassurance:
“As the president said, ‘We want to help China, not hurt it’… ultimately, we are confident in the strong relationship between President Trump and President Xi.”