U.S. President Donald Trump has proposed the establishment of a special “victory fund” to support Ukraine. The funding for this fund is planned to be secured through a significant increase in tariffs on goods from China. Trump has already instructed Treasury Secretary Scott Bessent to discuss this plan with European partners ahead of Ukrainian President Volodymyr Zelensky’s visit to Washington, scheduled for Friday, October 17.
This is reported by Business • Media
Plan to Introduce New Tariffs Against China
According to the details released, a 500% tariff on Chinese imports is proposed if Beijing continues to purchase Russian oil. The funds raised from this will be directed towards strengthening the armament of the Armed Forces of Ukraine. This step, as envisioned by Trump, aims to create maximum economic pressure on the Russian Federation’s authorities and its leader, who are largely dependent on China’s economic and political support.
The goal of the initiative is to compel the Kremlin to agree to negotiations with Washington and Kyiv. However, similar ideas regarding sanctions against China for purchasing Russian oil have previously faced resistance among some European governments.
China’s Position and Ukraine’s Financial Needs
At the same time, official Beijing emphasizes the legitimacy of its cooperation with other countries, including Russia. The Chinese Foreign Ministry has stated that trade and energy partnership with the Russian Federation are lawful and comply with international law.
“Washington’s statements about imposing tariffs of up to 500% against Beijing are typical unilateral intimidation and economic coercion.”
According to experts’ estimates, to continue resisting aggression in 2026, Ukraine will need at least $120 billion, with half of this amount to be provided by international allies of Kyiv.