A major trade storm is brewing as the U.S. Senate signals full support for President Donald Trump’s plan to impose a massive 500&#37 tariff on Chinese imports in response to Beijing’s continued energy trade with Russia. Treasury Secretary Scott Bessent confirmed the Senate’s backing during the IMF and World Bank Investment Forum, where U.S. officials drew direct links between China’s oil purchases and Moscow’s war funding. Trade Representative Jamieson Greer joined Bessent in addressing the press, emphasizing that Washington is prepared to escalate economic measures if China continues to bolster Russia’s wartime economy through energy transactions. WATCH

The United States on Feb 23 nominated Indian-American Ajay Banga to lead the World Bank. Exuding confidence in Banga, President Biden announced that the White House is nominating ex-Mastercard CEO as World Bank head. The Indian-origin and Padma Awardee is currently serving as the vice-chairman at private equity firm General Atlantic. President Biden also said that Banga has a critical experience mobilizing public-private resources to tackle the challenges of current scenario. The decision came after David Malpass, the current President of the World Bank announced his plans to step down.