Bessent announced the Senate's readiness to allow Trump to impose new duties against China.

About 85 senators out of 100 are ready to grant US President Donald Trump the authority to impose duties against China in the amount of up to 500% due to purchases of Russian oil. This was announced on October 15 by the head of the US Treasury, Scott Bessent.

"85 senators are ready to empower President Trump to impose up to 500% tariffs on China for the purchase of Russian oil," he said at a press conference, quoted by Fox News.

Bessent added that Trump instructed the American ambassador to notify European allies of the United States' readiness to support the imposition of such duties against China if European allies decide to impose them.

Round Two: Why the US-China Trade War has resumed

Beijing's export controls on rare earth metals have provoked a strong reaction in Washington.

On October 10, Trump announced the United States' readiness to impose increased duties on goods from China in response to Beijing's decision to restrict exports of rare earths. According to the American leader, China is "holding the world hostage" by creating a monopoly on the market of magnets and other metals. He promised to take financial measures.

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