500% rates on China soon? Bestent says 85 US senators ready to give Trump the authority over Beijing's Russian oil input

The US Treasury Secretary Besent announced on Wednesday (October 15) that 85 US senators are willing to grant President Donald Trump the authority to set up rates of up to 500% on China for purchases of Russian Oil Besent, said: “85 US senators are willing to give President Trump the authority to give up to 500% rates on the purchase of Russian oil. The proposed rates, if implemented, would represent an unprecedented escalation in trade relations in the US China, with possible implications for global oil markets and international trade. And such extreme measures can cause retaliation rates from Beijing and already disrupt fragile supply chains. The United States is prepared to set up rates on China for the purchases of Russian oil, but Bestent emphasized that the European allies of Washington should participate in such action. “It is the purchase of Russian oil by China that fueled the Russian war machines. China buys 60%, six zero percent of Russian energy. They buy 90% of Iranian energy,” Besent said at a press conference on Wednesday. Bestent added that the US would produce photos provided by Ukraine, with Chinese components in Russian drones working in Ukraine. Pause at US rates for rare earthly discussions Besent has suggested the possibility of postponing the high US rates on Chinese goods as Beijing delays his plan to sharpen the restrictions on critical rare earth exports. “Is it possible that we could go in exchange for a longer role? Perhaps. But all that will be negotiated in the coming weeks, ‘he said, referring to ongoing negotiations between the two countries. The US and China have agreed to multiple 90-day trucks on import duty of up to 145%, with the next deadline in November. Worldwide coordination against the export of China exports The Treasury Secretary emphasizes the importance of working with allies, including India, to counter China’s export restrictions on rare earth minerals. “This is China to the world. They showed a bazooka at the supply chains and the industrial basis of the entire free world,” Bestent said. He added: “We have been in contact with the Allies. We will meet with them this week, and I expect us to get a significant worldwide support from Europeans, from the Indians, from democracies in Asia.” Besent characterized China’s actions as an attempt to dominate rare global supplies and promised that Washington and its allies would not be ‘commanded or controlled’. Rare Earths: Strategic importance China produces about 70% of the world’s rare earthminerals and controls 90% of their processing, making it the dominant global supplier of metals used in electronics, defense, wind energy and cars. The new rules require foreign firms to obtain the approval of the Chinese government before exporting products that even contain track amounts of these minerals. Trump’s response and US President Donald Trump responded by threatening additional 100% rates on Chinese goods from November 1 and increased the possibility of cutting off cooking oil trade, an important input for biofuels. Besent confirmed that Trump was committed to meeting Chinese President Xi Jinping in South Korea later this month. “There is a very good chance that I travel to Asia before Trump and meet my Chinese counterpart, Vice Prime Minister He Lifenen,” Bestent said. The meeting is expected to coincide with the Asia-Pacific Summit and Apec) and commitments in Malaysia, Japan and South Korea. The avoidance of full trade -skalation Besent insisted that Washington does not want to escalate the trade conflict with China, which emphasizes the daily communication between officials from both countries. “The trade conflict between the two countries did not escalate further due to Trump and XI trust,” he said. Despite the warning from China that it is ready to fight ‘until the end’ in a trade war, Bestent emphasized that both leaders have an ‘excellent relationship’ and indicate the willingness to solve tension through diplomacy.