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: 2025.08.07
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Trump adviser Navarro cautions against extra China tariffs over Russian oil
World FX news
Breaking news
Trump adviser Navarro cautions against extra China tariffs over Russian oil
New
2025.08.07 10:51
2025.08.07 10:51
2025.08.07 10:51
US President Donald Trump's trade adviser, Peter Navarro, said on Thursday that the United States (US) is not rushing to slap extra tariffs on China for its purchases of Russian oil, despite having recently raised levies on Indian imports for the same reason.
Navarro further stated that the US is monitoring China's energy relations with Russia but said, "Let's wait and see," suggesting that no immediate action is planned.
Market reaction
At the press time, the AUD/USD pair is up 0.15% on the day to trade at 0.6512.
Tariffs FAQs
Tariffs are customs duties levied on certain merchandise imports or a category of products. Tariffs are designed to help local producers and manufacturers be more competitive in the market by providing a price advantage over similar goods that can be imported. Tariffs are widely used as tools of protectionism, along with trade barriers and import quotas.
Although tariffs and taxes both generate government revenue to fund public goods and services, they have several distinctions. Tariffs are prepaid at the port of entry, while taxes are paid at the time of purchase. Taxes are imposed on individual taxpayers and businesses, while tariffs are paid by importers.
There are two schools of thought among economists regarding the usage of tariffs. While some argue that tariffs are necessary to protect domestic industries and address trade imbalances, others see them as a harmful tool that could potentially drive prices higher over the long term and lead to a damaging trade war by encouraging tit-for-tat tariffs.
During the run-up to the presidential election in November 2024, Donald Trump made it clear that he intends to use tariffs to support the US economy and American producers. In 2024, Mexico, China and Canada accounted for 42% of total US imports. In this period, Mexico stood out as the top exporter with $466.6 billion, according to the US Census Bureau. Hence, Trump wants to focus on these three nations when imposing tariffs. He also plans to use the revenue generated through tariffs to lower personal income taxes.
Last updated
: 2025.08.07
Related articles
WTI recovers to above $64.00, potential US-Russia talks in focus
2025.08.07 16:11Crude Oil price today: WTI price bullish at European opening
2025.08.07 15:11Trump adviser Navarro cautions against extra China tariffs over Russian oil
2025.08.07 10:50WTI rebounds to above $63.50 on Trump's threat to Russian supplies, bullish inventory
2025.08.07 09:19US President Trump says he could impose extra 25% tariff on China over Russia oil buys--Reuters
2025.08.07 08:26Oil: Secondary tariff uncertainty lingers - ING
2025.08.06 17:53
FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
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