According to what reported by the Financial Times, today in the videoconference of the G7 finance ministers, the United States will ask the allies to increase the pressure on Moscow partners. The European response, for the moment, remains cold.
Duties and war in Ukraine. You are used to thinking about these two themes as not connected to each other, yet the American decision of double the rates on Indian assets (bringing them to 50%) was motivated by the continuous purchase of Russian hydrocarbons by New Delhi.
The goal of the American administration now seems to be that of Pushing the allies of the G7 to follow the example of Washington and impose import duties in Beijing and New Delhia measure that does not seem to find particular support in the allies of the USA.
New duties to put pressure on Moscow
“Russian oil purchases by China and India are financing Putin’s war machine And prolonging the senseless massacre of the Ukrainian people “, he said was a spokesman for the United States Treasury Department, according to what reported by the Financial Times.
“At the beginning of this week we clarified to our EU allies who, If they really want to end the war in their courtyard, they must join us and impose significant rates That will be revoked the day when the war will end, “added the spokesman,” the Trump administration is for peace and prosperity, and our G7 partners must join us “.
The imposition of these any rates will be discussed today during one videoconference of finance ministers of the member countries of G7. The American spokesman did not provide exact percentages on the levels of rates suggested by the United States, but according to what reported by the Financial Times, which cites sources aware of the matter, the figure should be between 50 and 100%.
Difficulty of implementation
According to what reported by Reuters, The proposal does not seem to find the favor of European officials. It is not difficult to understand the reason, to impose so high duties for two commercial partners as important as China and India would mean in fact stop trade between these countries and Europe.
For the union he would mean deprived himself of the second (China) and the ninth (India) commercial partner respectively. Just think that in 2024 the import of Chinese goods in Europe was worth 519 billion Euro, that of European assets in China 213 billion. More contained numbers, but still important, those of trade with India: the import was worth 65 billion and export 48.
We must not forget that The union is about to finalize a free trade commercial agreement. Indiawhose signature should arrive by the end of the year. To impose duties at this moment would make all the work done so far so far, in addition to damaging the economies of European countries with greater inflation and imports with an supply crisis.
