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China on Monday criticized a U.S. proposal urging allies, including the EU and G7, to impose tariffs of 50% to 100% on Chinese goods in response to Beijing’s purchases of Russian oil. Calling the move “a typical act of unilateral bullying and economic coercion,” the commerce ministry said it violated prior consensus between Chinese and U.S. leaders and risked destabilizing global trade and supply chains. It warned that “if any action harms China’s interests, China will take all necessary steps to protect its lawful rights and interests,” though it did not specify retaliatory measures. Despite the sharp rebuke, Beijing emphasized its preference to resolve trade and economic disputes with Washington through “dialogue and consultation based on equality.”

China Slams U.S. Tariff Push Over Russian Oil Ties

India and the U.S. will resume trade talks in New Delhi today, Reuters reported, reviving hopes for a breakthrough weeks after President Donald Trump imposed steep tariffs on Indian exports in response to its continued purchases of Russian oil.  The discussions follow Trump’s recent shift to a more conciliatory tone, with the president expressing optimism about finalizing a trade deal. U.S. trade representative for South Asia Brendan Lynch will attend one day of talks, Indian chief negotiator Rajesh Agarwal confirmed, noting they form part of ongoing bilateral negotiations but offered no further details. The talks come after Washington doubled tariffs on India to 50% starting August 27, including a punitive 25% levy, in a bid to increase pressure on Moscow over its invasion of Ukraine.

India and U.S. to Hold Trade Talks Today

Brent crude oil futures hovered around $67.5 per barrel on Tuesday after two days of gains, supported by supply-disruption risks amid continued Ukrainian strikes on Russian energy infrastructure and mounting US pressure on buyers of Russian crude. Ukraine’s latest weekend strike forced the shutdown of a key processing unit at Russia's Kirishi refinery, which handles about 355,000 bpd of crude. That followed a separate strike last week on the Primorsk oil terminal, a major export hub capable of shipping up to 1 million bpd. Additionally, reports indicated that the EU is considering sanctions on companies in India and China that are enabling Russia's oil trade, as part of a new package of restrictions. This comes as US President Trump over the weekend signaled readiness to impose “major” sanctions on Russia if NATO countries and Europe take similar steps. Elsewhere, traders geared up for an anticipated rate cut from the US Federal Reserve this week that could boost fuel demand.

Brent Holds Advance

WTI crude oil futures hovered around $63.3 per barrel on Tuesday after two days of gains, supported by supply-disruption risks amid continued Ukrainian strikes on Russian energy infrastructure and mounting US pressure on buyers of Russian crude. Ukraine’s latest weekend strike forced the shutdown of a key processing unit at Russia's Kirishi refinery, which handles about 355,000 bpd of crude. That followed a separate strike last week on the Primorsk oil terminal, a major export hub capable of shipping up to 1 million bpd. Additionally, reports indicated that the EU is considering sanctions on companies in India and China that are enabling Russia's oil trade, as part of a new package of restrictions. This comes as US President Trump over the weekend signaled readiness to impose “major” sanctions on Russia if NATO countries and Europe take similar steps. Elsewhere, traders geared up for an anticipated rate cut from the US Federal Reserve this week that could boost fuel demand.

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