Trump, ultimatum to Russia - Use tariffs on Russian exports to stop the war in Ukraine
President Donald Trump has set a Friday deadline for Russia to accept peace in Ukraine or face tariffs on countries that buy oil from the Kremlin, a new and dangerous way he is using to pressure Moscow.
The administration took a step toward punishing Russia's customers, imposing an additional 25% tariff on goods from India because of Russian oil imports. It was the first financial punishment of the Kremlin in Trump's second term.
An order for China, the largest importer of Russian oil, has not yet been signed, but a White House official said that secondary measures that Trump has threatened for countries that buy oil from Moscow are expected to be announced on Friday.
These are Trump's latest tariff threats on non-trade issues, such as pressuring Denmark to give the US control of Greenland, trying to stop shipments of fentanyl from Mexico and Canada, and punishing Brazil for what he described as a "witch hunt" against former President Jair Bolsonaro.
While secondary tariffs could cause damage to the Russian economy, cutting off one of its main sources of funding, they also carry costs for Trump.
Oil prices are likely to rise, creating political problems for him ahead of the upcoming U.S. midterm elections. The tariffs will also complicate the administration's efforts to secure trade deals with China and India.
For his part, Putin has shown that Russia is prepared to withstand any new economic hardship imposed by the US and its allies. It is highly unlikely that Putin will accept a ceasefire given Trump's threats of tariffs and sanctions on Russia, according to analysts.
The West has been pressuring Russia since late 2022 with a price cap on oil exports, aimed at reducing its ability to finance the war. The cap has increased costs for Russia, forcing it to divert its exports from Europe to India and China, which have been able to import large quantities at low prices. But the cap has also helped keep oil flowing on global markets.
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