Beijing, July 30
Reacting strongly to the US threat of facing higher tariffs if China continues to purchase Russian oil, Beijing on Wednesday said that there are no winners in a tariff war, and coercion and pressure will not solve problems.
China's reaction came around the same time US President Donald Trump threatened on Wednesday to impose a 25 per cent tariff on India’s exports, starting Friday.
"India will be paying a tariff of 25 per cent" starting on August 1, Trump posted on Truth Social. He said that India would also face an additional tariff penalty for buying Russian energy.
Trump had set the penalty, known as secondary tariffs, across the board at 100 per cent for all who are buying Russian energy if Moscow did not reach a ceasefire with Ukraine.
India was among the first countries to start trade negotiations with Washington on tariffs, and Trump had repeatedly said that an agreement was imminent, most recently last week.
He added: "They have always bought a vast majority of their military equipment from Russia, and are Russia’s largest buyer of ENERGY, along with China, at a time when everyone wants Russia to STOP THE KILLING IN UKRAINE".
"ALL THINGS NOT GOOD! INDIA WILL THEREFORE BE PAYING A TARIFF OF 25%, PLUS A PENALTY FOR THE ABOVE, STARTING ON AUGUST FIRST," he wrote