US Treasury Secretary Praises Current Tariff Arrangement with China, Criticizes India's Role in Oil Trade with Russia

Strategic Insights -

US Treasury Secretary Scott Bessent expressed his satisfaction with the current tariff arrangement between the US and China, stating that the status quo is "working pretty well" despite ongoing trade tensions. In a separate interview, Bessent criticized India's role in reselling Russian oil, claiming that Indian companies are making "billions" in excess profits from the arrangement.

India, which has been a vocal critic of US-China trade tensions, has recently come under fire from the US for its oil trade with Russia. Bessent accused Indian companies of "profiteering" from the arrangement, stating that 16 billion in excess profits have been made by some of India's richest families.

The US currently charges 30% tariffs on Chinese imports, with a 10% base rate and 20% in fentanyl-related tariffs. Bessent's remarks come as the US extends its tariff deadline with China by 90 days, pending further negotiations.

Meanwhile, China's import of crude oil from Russia has risen by 16.8% from a year earlier to 8.71 million metric tons in July, according to a report by news agency Reuters. Russia supplied China with the largest share of crude oil imports for the month.

Key Takeaways:

  • US Treasury Secretary Scott Bessent praises the current tariff arrangement with China, stating that it is "working pretty well".
  • Bessent criticizes India's role in reselling Russian oil, claiming that Indian companies are making "billions" in excess profits from the arrangement.
  • The US currently charges 30% tariffs on Chinese imports, with a 10% base rate and 20% in fentanyl-related tariffs.
  • India has come under fire from the US for its oil trade with Russia, with Bessent accusing Indian companies of "profiteering" from the arrangement.
  • China's import of crude oil from Russia has risen by 16.8% from a year earlier to 8.71 million metric tons in July.
  • Russia was China's biggest supplier of crude oil for the month.

Statistics:

  • 50-55% of tariffs on China, by far the largest line of tariff revenue.
  • 30% tariffs on Chinese imports, including a 10% base rate and 20% in fentanyl-related tariffs.
  • 16 billion in excess profits made by some of India's richest families from the reselling of Russian oil.
  • 42% of India's oil imports come from Russia.
  • 8.71 million metric tons of Chinese crude oil imports from Russia in July.
  • 16.8% increase in Chinese crude oil imports from Russia from a year earlier.

Sources:

  • "US Treasury Secretary Scott Bessent says US has 'very good talks' with China, sees more before November". Fox News.
  • "US Treasury Secretary Scott Bessent criticizes India's role in Russian oil trade". CNBC.
  • "China's import of crude oil from Russia rises 16.8% in July". Reuters.