Former President Donald Trump expressed strong frustration with Russian President Vladimir Putin in a recent interview, threatening to impose secondary tariffs on Russian oil if a peace deal with Ukraine isn’t reached.
Trump criticized Putin’s remarks suggesting a change in Ukrainian leadership, warning that such comments would derail peace efforts.
Trump clarified that if Russia is to blame for prolonging the conflict, he will consider levying 25% to 50% tariffs on all Russian oil. Countries buying Russian oil, such as India and China, could also face restrictions on doing business with the United States. This move could significantly disrupt the global oil market, especially given Russia’s role as one of the world’s largest oil producers.
Impact on Global Oil Market
The imposition of secondary tariffs would likely raise global oil prices and add to inflationary pressures. March datashowed Russian crude exports at a five-month high, while American sanctions on Russia’s tanker fleet have been largely ineffective. Analysts, like Giovanni Staunovo from UBS Group AG, caution that mere threats may not be enough to spark a lasting price increase; real disruptions would be required to drive prices higher.
Global Economic Risks
Trump’s proposed secondary tariffs could have widespread consequences for the global energy market, particularly for countries reliant on Russian oil. With increasing geopolitical risks and inflation concerns, the situation remains fluid. How the U.S. handles this escalating tension will significantly impact global oil markets and broader economic stability.
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Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/trump-threatens-secondary-tariffs-on-russian-oil-amid-growing-tensions/