Bessent warns China of 100% tariff over Russian oil purchases. China replies coercion fails. Firms quietly hedge for up to 500% secondary tariff risk.
Scott Bessent warned that China could face 100% tariffs if it continues buying Russian oil, citing a pending bill that allows secondary duties up to 500%. https://kyivindependent.com/china-should-expect-100-tariffs-for-buying-russian-oil/ “The Chinese take their sovereignty very seriously. We don’t want to impede on their sovereignty, so they’d like to pay a 100% tariff,” Bessent said. https://www.reuters.com/business/energy/bessent-warns-china-russian-oil-purchases-that-could-bring-100-tariffs-2025-07-29/ Trump already …