(Bloomberg) — US President Donald Trump said he’s prepared to join the European Union to impose sweeping new tariffs on India and China as he looks to ratchet up pressure Russian President Vladimir Putin to join ceasefire talks with Ukraine.
Trump made the ask when he called into a meeting with senior US and EU officials in Washington, according to people familiar with the discussion who asked not to be identified discussing private deliberations. The US is willing to mirror tariffs imposed by Europe on either country, one of the people said.
Other potential measures discussed by US and EU officials include further sanctions on Russia’s shadow fleet of oil tankers as well as restrictions on its banks, financial sector and major oil companies, according to the people. Any EU sanctions would require the backing of all member states, and several nations, including Hungary, have blocked more stringent measures targeting Russia’s energy sector in the past.
Trump’s suggestion, first reported by the Financial Times, comes after his deadline for Putin to hold a bilateral meeting with Ukraine’s Volodymyr Zelenskiy passed without indication that the Russian leader, who met Trump late last month in Alaska, was genuinely interested in engaging in face-to-face peace talks.
Instead, Moscow has stepped up its Ukraine bombing campaign, with a strike Tuesday killing at least two dozen pensioners as they collected payments in eastern Ukraine.
The delegation of EU officials is visiting Washington this week to meet US counterparts and discuss the potential for joint action to pressure Russia to end its war against Ukraine and enter into negotiations with Kyiv.
Ukraine’s Prime Minister, Yuliya Svyrydenko, who also joined the discussions, said in a social media post that she urged Kyiv’s partners to target the shadow fleet, oil majors, refineries, traders, and other enablers.
Any US action would ultimately depend on Trump, who has so far refrained from sanctioning Russia directly despite skating through several self-imposed deadlines and Vladimir Putin’s continued reluctance to negotiate an end to the war. Trump has, however, already doubled tariffs on India to 50% over its continued purchase of Russian oil.
The discussions come as the EU is currently discussing the content of a 19th package of sanctions, Bloomberg reported earlier.
Moscow is already under crippling sanctions from both the US and Europe, but has been able to skirt some of their impact by sourcing restricted items from China and other third countries, as well as finding customers for its oil and gas in Beijing, India and elsewhere.
But as the Russian economy shows increasing signs of strain, measures targeting those supplies and sources of vital revenue would likely dial up the pressure on Moscow’s war machine and finances.
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