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
Japan's annual inflation rate edged down to 2.9% in November 2025 from October's 3-month high of 3.0%. Core inflation stood at 3.0%, keeping the same pace as in October and aligning with estimates. Mo...
Goldman Sachs sees gold prices climbing 14% to $4,900 per ounce by December 2026 in its base case, it said in a note on Thursday, while citing upside risks to this view due to a potential broadening o...
The BRICS group of countries is increasingly being considered as an alternative for global diplomacy and cooperation amidst increasing tariff and protectionist policies from the United States. A numbe...
Applications for US unemployment benefits fell after a spike in the previous week, underscoring the choppy nature of the data at this time of year. Initial claims decreased by 13,000 to 224,000 ...
Annual inflation in the United States (US), as measured by the change in the Consumer Price Index (CPI), fell 2.7% in November, according to a report by the US Bureau of Labor Statistics (BLS) on Thur...
Oil prices are headed for a second weekly decline as concerns over a growing oversupply outweigh geopolitical risks to supply. Brent crude edged up to $60 a barrel on Friday but is still down about 2% for the week, while West Texas Intermediate is...
President Vladimir Putin said he is willing to discuss ending Russia's war in Ukraine, despite rejecting changes sought by Kyiv and Europe to the U.S. peace plan drafted with Moscow. Putin said he has "practically agreed" to the proposals to end...
Gold prices fell slightly on Friday (December 19), pressured by a stronger dollar and year-end investor positioning, but are poised to end the week higher as weaker US inflation data raised speculation of an interest rate cut. Spot gold prices...
Fed Governor Christopher Waller said Wednesday that the Fed is in no rush to cut interest rates, given the current outlook, according to...
The Bank of Japan (BOJ) is expected to raise interest rates on Friday to a three-decade high, from 0.5% to 0.75%, signaling readiness for further...
Stocks fell slightly on Tuesday as traders digested the delayed release of the November's jobs report.
The S&P 500 fell 0.1%, while the Nasdaq...
European stocks closed lower on Tuesday, with the STOXX 50 down 0.5% and the broader STOXX 600 slipping 0.4%, as optimism around Russia–Ukraine...