Washington, D.C. – The US’s current tariff arrangement with China is “working pretty well,” according to US Treasury Secretary Scott Bessent, who made the remarks on Tuesday, just weeks after President Donald Trump extended the deadline for the tariffs by 90 days. The extension, which pushes the deadline from August 12 to November, maintains the existing 30% tariffs on Chinese imports.
In an interview with Fox News, Bessent expressed satisfaction with the current state of affairs. “We’re very happy…we’re at 50–55% tariffs on China, by far the largest line of tariff revenue,” he stated. “So, if it’s not broke, don’t fix it.” Bessent’s comments came in response to a question about a potential trade agreement with China. He added, “We have had very good talks with China. I imagine we’ll be seeing them again before November.” The US currently levies 30% tariffs on Chinese imports, which includes a 10% base rate and an additional 20% in fentanyl-related tariffs.
Bessent Lashes Out at India Over Russian Oil Trade
While discussing the decision not to sanction China for its purchase of Russian oil, Bessent shifted his focus to India, accusing the country of “profiteering” and “making billions” by reselling the oil. In a separate interview with CNBC, Bessent was highly critical of India’s role in the trade. “India is just profiteering, they are reselling… They made 16 billion in excess profits, some of the richest families in India,” he claimed.
He further elaborated, “This is a completely different thing. Indian arbitrage, which is buying cheap oil and reselling it, has just sprung up during the [Ukraine] war. This is just unacceptable.” Bessent asserted that 42% of India’s oil imports were from Russia, a figure he cited as evidence of what he considers an unethical practice.
Rubio Details Implications of Tariffs on Russian Oil
Bessent’s remarks on tariffs and oil trade follow recent comments from US Secretary of State Marco Rubio, who outlined the potential “implications” of levying additional tariffs on China’s purchase of Russian oil. During an interview with Fox News, Rubio explained that if sanctions were placed on Russian oil sales to China, the refined oil would still enter the global market, likely at a higher price. He noted that those buying the oil “would be paying more for it or if it doesn’t exist, would have to find an alternative source for it.”
Meanwhile, a Reuters report indicated that Russia’s crude oil exports to China increased by 16.8% in July compared to the previous year, reaching 8.71 million metric tons. This made Russia the largest oil supplier to China for the month.
Trump Doubles Tariffs on Indian Imports
The current trade disputes with China and India underscore the Trump administration’s “America First” approach to global commerce. Last month, President Trump announced 25% tariffs on Indian imports, which he doubled a few days later, explicitly citing India’s oil trade with Russia as the reason. The move drew strong criticism from the Indian government, which stated that the US was acting against New Delhi “for actions that several other countries are also taking in their own national interest.”