‘Pissed with Putin,’ Donald Trump threatens tariffs on Russian oil exports; India, China in crossfire
US President Donald Trump recently vowed to impose ‘secondary tariffs’ on Russian oil if the Ukraine conflict escalates.
Former President Donald Trump has threatened to impose a second wave of sanctions on Russian oil exports, which could have profound implications for countries like India and China, which have grown reliant on Russian oil since the onset of the Ukraine war.
Trump's comments, made during a phone interview with NBC News, suggest that the US President would consider “secondary tariffs” on Russian oil and its buyers if a ceasefire with Ukraine can’t be reached.
“I was pissed off about it. But if a deal isn’t made, and if I think it was Russia’s fault, I’m going to put secondary sanctions on Russia,” Trump told NBC, saying he meant “all oil coming out of Russia.” He said he plans to speak to Putin this week.
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According to Bloomberg, the US President expressed his frustration with Russian President Vladimir Putin during the call, particularly after the Russian leader suggested ways to install new leadership in Ukraine.
"New leadership in Ukraine means you’re not going to have a deal for a long time, right?” Trump said.
Donald Trump has vowed to impose "secondary tariffs" on Russian oil if the Ukraine conflict escalates, and this would mean that countries purchasing Russian oil could face steep penalties.
Trump said if he can’t make “a deal on stopping the bloodshed in Ukraine and if I think it was Russia’s fault — which it might not be — but if I think it was Russia’s fault, I am going to put secondary tariffs on oil.”
“That would be that if you buy oil from Russia, you can’t do business in the United States,” he said. “There will be a 25% tariff on all – on all oil, a 25 to 50-point tariff on all oil.”
India and China might have to face tough choices
Russia is one of the world’s largest oil producers, and any major disruption in its oil exports would likely send shockwaves through the global energy market.
India and China, which have become the key buyers of Russian barrels since Moscow’s full-scale invasion of Ukraine, would now face the prospect of being caught in the crossfire of this struggle.
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The latest tariff threat adds to the woes that Donald Trump's April 2 reciprocal tariffs on countries have triggered.
Trump’s proposed tariffs could force these nations to choose between continuing their business with Russia and access to the US market.
The fallout of the Russia- Ukraine war
Last week, the US announced that Ukraine and Russia had agreed to a Black Sea truce as the next stage in Trump’s efforts to end the war, following their acceptance of a 30-day halt to strikes on energy infrastructure.
While Ukraine said it would immediately observe the ceasefire, the Kremlin demanded the removal of sanctions on the Russian Agricultural Bank, or RSHB, and other financial institutions involved in foreign trade in food and fertilizers.
