President Donald Trump on Monday threatened to impose "secondary tariffs" on Russia's trade partners "at about 100%" if President Vladimir Putin does not agree to a deal to end his invasion of Ukraine in 50 days.
"We're very, very unhappy with them, and we're going to be doing very severe tariffs, if you don't have a deal in 50 days, tariffs at about 100%, they call them secondary tariffs," Trump said from the White House while meeting with NATO's secretary general, Mark Rutte.
The president said that he is "disappointed" with Putin, because he thought they would have had a deal months ago.
If a ceasefire deal is not reached by September, said Trump, "we're going to be doing secondary tariffs."
Trump also announced Monday that the United States would send "billions of dollars worth of military equipment" purchased from American companies, paid for by European countries and delivered to NATO allies to be sent on to Ukraine.
Trump's announcement coupled with the secondary tariff threat against Russia marks a shift in the president's support for Ukraine, and underscores his growing frustration with the Russian leader.
Trump's secondary tariffs would impose levies on the countries and entities that buy Russia's exports.
They could take an especially heavy toll on countries that rely on Russian fossil fuels as part of their energy plan, like China, India, Brazil and Turkiye.
This is not the first time that Trump has threatened to impose "secondary tariffs" on Russia over its ongoing war with Ukraine.
It's also not the first time that Trump has issued such a warning against an adversary.
Trump in March said that countries that buy oil and gas from Venezuela will face a 25% levy, and in May he threatened to impose similar levies on countries that import Iranian oil.
The "secondary tariffs" on Venezuela have squeezed China particularly hard as the largest importer of Venezuela oil.
But Trump's Monday comments escalate his threat against Russia with a deadline in September.
In March, Trump said that, "If Russia and I are unable to make a deal on stopping the bloodshed in Ukraine... and if I think it was Russia's fault, I am going to put secondary tariffs on oil, on all oil coming out of Russia.
It was unclear Monday what products would be impacted by Trump's latest secondary tariff threat.
Source: CNBC
Australia is set to release the June employment report on Thursday at 1:30 GMT. The Australian Bureau of Statistics (ABS) is expected to announce that the country added 20,000 new job positions in the...
President Donald Trump said on Wednesday the U.S. will probably "live by the letter" on tariffs with Japan and may have another trade deal coming up with India, following his announcement of an accord...
U.S. President Donald Trump said Wednesday he is not planning to fire Federal Reserve Chair Jerome Powell, after a Bloomberg report that the president is likely to do so soon sparked a drop in stocks ...
President Donald Trump told a room full of Republican lawmakers that he will fire Federal Reserve Chair Jerome Powell, after receiving approval from them to make the move, a senior White House officia...
The Producer Price Index (PPI) for final demand in the US rose 2.3% annually in June, according to data published by the US Bureau of Labor Statistics on Wednesday. This followed a 2.6% increase in Ma...
Gold prices fell on Thursday during the European session (July 17). What's the cause? Market participants are weighing the possibility of a leadership change at the US central bank, following rumors that President Donald Trump might fire Jerome...
The Hang Seng Index weakened 19 points, or nearly 0.1%, to close at 24,499 on Thursday (July 17th), declining for the second consecutive session due to continued profit-taking after the benchmark index hit a four-month high earlier in the...
The STOXX 50 rose 0.9% and the STOXX 600 gained 0.6% on Thursday, marking their first advances in six and five consecutive sessions, respectively, as investor attention shifted to corporate earnings. Chip stocks rebounded from sharp losses the...
US President Donald Trump has the authority to fire Federal Reserve Chairman Jerome Powell for good reason if there is evidence to support it, White...
President Donald Trump on Monday threatened to impose "secondary tariffs" on Russia's trade partners "at about 100%" if President Vladimir Putin...
President Donald Trump said the US would send more Patriot air defense batteries to Ukraine, apparently in a shift in stance toward Russia after its...
European stocks erased early gains and closed mostly lower on Tuesday as markets continued to assess how potential tariffs from the US may hurt...