A bill vowing levies of up to 500% on countries that buy Russian oil is making its way through Congress. Meanwhile, the European Union’s 18th package of sanctions is due to ban refined products made from Russian crude in January.

Trump dramatically escalated economic tensions in April. Citing unfair Chinese trade practices and promising to revitalize U.S. manufacturing, he announced heavy tariffs on Chinese goods. The move rattled global supply chains and prompted swift retaliation from Beijing, which introduced its own tariffs and a suite of other tit-for-tat measures.

The White House order did not mention China, which is another big purchaser of Russian oil. Last week, U.S. Treasury Secretary Scott Bessent warned China that it could also face n