President Trump is now using the U.S. economic might to try to force a swift resolution of the Ukraine-Russia conflict through secondary tariffs. In a recent interview on NBC, President Donald Trump remarked he was “very angry” and “pissed off” at Putin’s attitude towards a possible peace deal, and stated that, if peace talks finally failed, and he believed it was Putin’s fault, his administration would take retaliatory action.
President Trump declared:
If I think it was Russia’s fault, I am going to put secondary tariffs on oil, on all oil coming out of Russia.
Furthermore, Trump clarified that these tariffs could go from 25 to 50%, which would be collected from the countries currently buying Russian oil and doing business with the U.S. These tariffs would be implemented within a month of not achieving a ceasefire.
The move is similar to the unilateral tariff scheme announced against Venezuelan oil last week, which is already affecting the nation’s monetary stability.
Read more: Trump Debuts ‘Never Before Seen’ Secondary Tariff Strategy Against Venezuela
China, Turkey, India, and the European Union (EU) are the largest purchasers of Russian oil. Applying such tariffs would put even more strain on Europe and deepen the already delicate relationship with China, which could be affected by the Venezuelan oil tariff scheme.
The announcement seeks to cripple the Russian oil apparatus, putting Putin in a position of weakness to facilitate further negotiations. Nonetheless, analysts claim that while India might bow to appease Trump, China is less likely to do so, as it is already embroiled in a trade war with the U.S.
The markets evaluated Trump’s tariff menace as a bluff, as oil futures fell marginally due to the possible unfeasibility of his claims, even with comments about a possible bombing on Iran.
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