With No Deal With Putin, Will US Tariff China's Oil Trade? What Trump Said

US President Donald Trump seems to have softened his stance on Moscow's oil trade after meeting Russian counterpart Vladimir Putin in Alaska on Friday. When asked about retaliatory tariffs on countries such as China and India for buying Russian oil, the American leader said he has no immediate plans to consider that, but might do it "in two or three weeks."

Trump was asked by Fox News' Sean Hannity if he was now considering punitive actions against Beijing after talks with Putin failed to produce an agreement to resolve or pause Moscow's war in Ukraine.

"Well, because of what happened today, I think I don't have to think about that...Now, I may have to think about it in two weeks or three weeks or something, but we don't have to think about that right now. I think, you know, the meeting went very well," Trump said after his summit with Putin in Alaska.

Before he met with Putin, Trump had claimed Russia lost India as one of its oil clients after Washington announced a penalty on New Delhi over the purchases, which pushed the Russian leader to the negotiation table.

America has threatened sanctions on Moscow and secondary sanctions on countries that buy its oil if no moves are made to end the war in Ukraine. China and India are Russia's top two oil buyers. 

The US has already imposed an additional 25 per cent tariff on imports of Indian goods last week, citing its continued imports of Russian oil. However, no similar action has been taken against China so far. 

Beijing's slowing economy is likely to suffer a blow if Trump follows through on a promise to ramp up Russia-related sanctions and tariffs. Chinese President Xi Jinping is working with Trump on a trade deal that could lower tensions - and import taxes - between the world's two biggest economies. But China could be the biggest remaining target, outside of Russia, if Trump ramps up punitive measures.