Donald Trump plans to create a “Ukraine Victory Fund” that will be financed by new tariffs on China, The Telegraph reports.
The US president has instructed Treasury Secretary Scott Besant to present the plan to European counterparts ahead of Volodymyr Zelensky’s visit to Washington on Friday.
The strategy calls for a 500 percent tax on imports from China, the proceeds of which would be used to buy weapons for the Ukrainian armed forces.
The plan is designed to put maximum economic pressure on Putin, whose military machine depends on Chinese support, to bring him to the negotiating table with Trump and Zelensky.
Diplomatic sources in Washington told The Telegraph that the idea of imposing sanctions on China for buying Russian oil has previously met with resistance from European governments.