U.S. President Trump on Retaliatory Tariffs

WASHINGTON (Reuters) – U.S. President Donald Trump stated on Friday that he does not urgently need to consider retaliatory tariffs on countries such as China for purchasing Russian oil but might need to do so “in two or three weeks.”

Trump has threatened sanctions against Moscow and secondary sanctions on nations that import its oil if no action is taken to resolve the conflict in Ukraine. China and India are the two largest buyers of Russian oil.

Last week, the president imposed an additional 25% tariff on Indian goods due to its continued imports of Russian oil, but he has not enacted similar measures against China.

In a conversation with Fox News’ Sean Hannity, Trump was asked whether he was considering action against Beijing after failing to reach an agreement with Russian President Vladimir Putin to halt the war in Ukraine.

“Well, because of what happened today, I think I don’t have to think about that,” Trump said following his summit with Putin in Alaska.

“Now, I may have to think about it in two weeks or three weeks or something, but we don’t have to think about that right now. I think, you know, the meeting went very well.”

Chinese President Xi Jinping’s slowing economy may be adversely affected if Trump follows through with his promise to increase Russia-related sanctions and tariffs.

Xi and Trump are negotiating a trade deal that could ease tensions and reduce import taxes between the world’s two largest economies. However, China could become the primary target if Trump intensifies punitive actions.