US Treasury Secretary Scott Bessent called for the US and the European Union to increase pressure on Russia by jointly imposing tariffs and sanctions on countries that buy Russia oil.In an interview to NBC News, Bessent said that US President Donald Trump, Vice President JD Vance had a very productive call with European Commission Chief Ursula von der Leyen, and they spoke about what the US and the European Union can do together.Bessent stressed on the fact that while the US is ready to increase pressure on Russia, he expects the European Union to follow them.
“If the US and the EU do this together, we are in a race now between how long can the Ukrainian military hold up versus how long can the Russian economy hold up and if the US and the EU can come in for more sanctions, tariffs on countries that buy Russian oil, the Russian economy will be in full collapse and that will bring President Putin to the table,” Bessent said.Interestingly, Bessent’s remarks come just a couple of days after US President Donald Trump spoke about the US-India relations amidst the impasse in trade talks and the 50% tariffs on Indian exports to the US. Trump said that there is “nothing to worry about” in the US-India relationship and that he will always remain a friend of Prime Minister Narendra Modi. The statement was reciprocated from the Indian side as well.Bessent’s remarks also show the lack of clarity or congruency among Wall Street officials as to where things actually stand.Trump’s remarks also came just a day after Commerce Secretary Howard Lutnick told CNBC in an interview that India will say sorry to President Trump in a month or two from now, citing Canada’s example of how their economy suffered after imposing retaliatory tariffs in response to the tariffs imposed by the US.In response reporters’ questions outside the White House, Trump also remarked that he is prepared to impose the second phase of sanctions against Russia.
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