President Donald Trump announced a new strategy against Russia by readying oil tariffs to push Russia toward resolving its problems with Ukraine. During his NBC interview Trump Revealed his extreme anger towards Putin for not taking action on peace talks.
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.
The Trump administration will apply import taxes of 25% to 50% against all businesses that obtain Russian oil and conduct trade with the United States. A one-month period without a ceasefire would trigger tariffs on all imported oil from Russia.
Trump’s Oil Tariffs Could Hurt Global Trade
The new tariff strategy echoes what the United States implemented against Venezuelan oil traders and provoked immediate financial ruin in that nation. Experts say Trump increases tariffs against Russia to reduce the cash flow supporting its military operations through oil revenue. The possible trade problems would cause additional damage to United States relations with its international business partners.
Most experts predict India would follow U.S. directives but China maintains its uneasy relationship with Washington especially in their ongoing trade war. The EU needs more energy supplies right now so implementing further economic pressure will make this crisis worse for them.
Oil markets showed doubt toward Trump’s strict position despite his continued opposition. The market reaction showed traders consider this threatening statement as empty words. Certain experts noticed that mentioning possible military actions against Iran made the international situation more unpredictable.
People across the globe are carefully monitoring Trump’s approach because his economic moves may either help him negotiate with Putin or make their problems worse.