This initiative, as the report notes, was promoted by the White House.
A new, highly ambitious plan was announced by U.S. President Donald Trump, proposing the creation of a “Victory Fund for Ukraine”, which would be financed through tariffs on Chinese goods.
According to a report by The Telegraph, the plan includes imposing tariffs of 500% on products originating from China, as a response to Beijing’s purchases of Russian oil. The initiative, the report notes, was promoted by the White House, which tasked Treasury Secretary Scott Bessent with presenting the plan to his European counterparts ahead of Volodymyr Zelensky’s visit to Washington.
However, Bessent reportedly emphasized that the implementation of the measure would be realistic only if Europe agreed to impose similar tariffs — something that, it seems, European leaders are opposed to.
Beijing reacts
The reaction from Beijing was immediate and strong. Lin Jian, spokesperson for the Chinese Ministry of Foreign Affairs, accused the United States of “unilateral intimidation and economic coercion”, stressing that such actions undermine international trade rules and threaten the stability of global supply chains.
Lin described China’s right to trade with Russia and other countries as legal and legitimate, while warning that if Chinese interests are harmed, Beijing will take “decisive countermeasures” to protect its sovereignty, security, and development goals.
Analysts point out that the new U.S. tariffs could trigger a new round of trade war between Washington and Beijing, reviving tensions that had peaked during Donald Trump’s previous administration. China has already announced that it would retaliate if the United States imposes tariffs of 100% or higher on Chinese products.
Trump’s proposal, which combines economic nationalism with geopolitical strategy, appears aimed at economically weakening China and indirectly supporting Ukraine. However, according to diplomatic sources, it carries the risk of serious escalation in an already fragile international trade environment.
www.bankingnews.gr
According to a report by The Telegraph, the plan includes imposing tariffs of 500% on products originating from China, as a response to Beijing’s purchases of Russian oil. The initiative, the report notes, was promoted by the White House, which tasked Treasury Secretary Scott Bessent with presenting the plan to his European counterparts ahead of Volodymyr Zelensky’s visit to Washington.
However, Bessent reportedly emphasized that the implementation of the measure would be realistic only if Europe agreed to impose similar tariffs — something that, it seems, European leaders are opposed to.
Beijing reacts
The reaction from Beijing was immediate and strong. Lin Jian, spokesperson for the Chinese Ministry of Foreign Affairs, accused the United States of “unilateral intimidation and economic coercion”, stressing that such actions undermine international trade rules and threaten the stability of global supply chains.
Lin described China’s right to trade with Russia and other countries as legal and legitimate, while warning that if Chinese interests are harmed, Beijing will take “decisive countermeasures” to protect its sovereignty, security, and development goals.
Analysts point out that the new U.S. tariffs could trigger a new round of trade war between Washington and Beijing, reviving tensions that had peaked during Donald Trump’s previous administration. China has already announced that it would retaliate if the United States imposes tariffs of 100% or higher on Chinese products.
Trump’s proposal, which combines economic nationalism with geopolitical strategy, appears aimed at economically weakening China and indirectly supporting Ukraine. However, according to diplomatic sources, it carries the risk of serious escalation in an already fragile international trade environment.
www.bankingnews.gr
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