Russia Faces Tariffs In 10 Days If No Progress On Ending Ukraine War, Warns Trump
U.S. President Donald Trump said on Tuesday that the United States would start imposing tariffs and other measures on Russia "10 days from today" if Moscow showed no progress toward ending its more than three-year-long war in Ukraine.
Trump first announced on Monday that he was shortening the initial 50-day deadline he set a month ago for action from Moscow, and mentioned a new deadline of 10 to 12 days. On Tuesday, he told reporters he had not heard a response from Russia.
Speaking aboard Air Force One, Trump said he was not worried about the potential impact of Russian sanctions on the oil market or prices, vowing to boost domestic oil production to offset any impact.
"I don't know if it's going to affect Russia, because (Russian President Vladimir Putin) wants to, obviously, probably keep the war going," Trump said. "But we're going to put on tariffs and the various things that you put on."
The U.S. president, who has in the past spoken about having a good relationship with Putin, has grown increasingly frustrated with Moscow's refusal to agree to a ceasefire. The fresh deadline suggests Trump is prepared to move forward on his threat of sanctions, after previously hesitating on doing so.
Speaking in Scotland on Monday, he threatened sanctions on both Russia and buyers of its exports - also known as secondary sanctions - unless progress is made.
U.S. Treasury Secretary Scott Bessent told reporters that he raised the issue of secondary sanctions with Chinese officials during two days of bilateral talks this week.
He said he told Chinese officials that Beijing could face high tariffs if it continued its Russian oil purchases.
In a post on X, former Russian President Dmitry Medvedev, a close ally of Putin, said Trump was playing "a game of ultimatums" that could lead to a war involving the United States.
Trump, who is also struggling to achieve a peace deal in Gaza, has touted his role in ending conflicts between India and Pakistan as well as Rwanda and Congo. Before returning to the White House in January, Trump campaigned on a promise to end Russia's conflict with Ukraine in a day.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India Today
11 minutes ago
- India Today
Trump is sold on Pak oil. But where's the oil?
The only time oil makes news in Pakistan is because of an increase in already-high fuel prices, like earlier in July, or smuggling from Iran. After selling President Donald Trump a Nobel dream, Pakistan seems to have sold his oil dream. Oil it doesn't have. Otherwise, why would Pakistanis be paying 272 rupees for a litre of petrol?A day after declaring a 25% import duty and penalty on Indian products, Trump seemed to rub it in by announcing that the US had concluded a deal, whereby Islamabad and Washington would work together to develop Pakistan's "massive oil reserve".advertisement"Who knows, maybe they [Pakistan] will be selling oil to India some day," Trump posted on Truth Social. The hoax of the "massive oil reserve" owes its origins to former Pakistan PM, Imran March 2019, Imran Khan announced a "possible massive find" offshore. It was touted as "Asia's largest oil and gas reserve".Hours after Khan's announcement, the Petroleum Division denied it, saying the drill did not yield the desired results, according to a 2024 report in the Karachi-based Dawn report says that ExxonMobil, ENI, Pakistan Petroleum Limited, and Oil & Gas Development Company Limited drilled beyond 5,500 metres but didn't find oil or gas reserves."The drilling work has now been abandoned," an official then told the imaginary, unproven massive offshore find. Pakistan's proven oil reserves are estimated at approximately353.5 million barrels as of 2016, ranking it 52nd on the list of countries with petroleum in the is just 0.021% of the global oil in contrast, which is the world's third-largest crude oil consumer, India, has around 4.9 billion barrels of oil reserves, ranking among the top 25 is approximately 0.29% of the world's total oil Pakistan, at current consumption rate, its reserves would cover less than two years without make matters even more complicated for Pakistan, most of its oil reserves are in Balochistan, the resource-rich province that has risen in rebellion against the Islamabad-Rawalpindi was widespread anger in Pakistan in July when petrol prices were revised upwards by 5.36 Pakistani rupees a litre to 272.15 PKR a litre, reported news agency ANI. Pakistanis asked why the increase in fuel prices while crude prices in global markets had gives two hoots to facts and truths. Massage his ego, and sell him a dream, and Trump is all Trump family has also fallen for Pakistan's cryptocurrency pitch. That's the crypto dream of a country whose economy survives on the begging total goods trade with Pakistan was estimated at $7.3 billion in 2024, according to a Reuters bilateral trade stands at $129 billion, according to US Trade Representative America's need for its lapdog Pakistan is more strategic than for trade, the mention of "massive reserves" of oil in Trump's post only makes one wonder the nature of oil that Islamabad has used for Trump's tel maalish.- EndsTune InMust Watch
India Today
11 minutes ago
- India Today
Trump's 25% tariff threat puts India–US trade on edge
WHAT'S NEWUS President Donald Trump has threatened to impose a 25% tariff on Indian imports from August 1, citing India's continued purchases of Russian oil and long-standing high trade IT MATTERSThe move targets some of India's most valuable and highshare export categories to the US, from pharmaceuticals and diamonds to textiles and tea. India runs a USD 45.7 billion goods trade surplus with the US, making Washington's tariff decision a major risk for exporters. New duties could disrupt billions in two-way trade and force India to adjust its US market strategy. advertisementIN NUMBERS$129.2B — Total India–US goods trade in 2024.$87.4B — US imports from India in 2024 (+4.5% from 2023).$45.7B — US goods trade deficit with India in 2024.35% — Russia's share of India's oil imports in Jan–Jun 2025.44.5% — Share of US diamond imports sourced from India.$13B — US imports of Indian pharmaceuticals in DEPTH The White House's tariff warning comes as part of a broader trade push targeting dozens of countries, with rates on some imports climbing as high as 50%. While Trump says "India is our friend," he accuses New Delhi of maintaining some of the world's highest tariffs and of deepening ties with Moscow despite the war in economic relationship with Russia is longstanding, spanning oil and gas, steel, railways, defence and pharmaceuticals. In the year ending March 2025, bilateral trade hit a record USD 68.7 billion, with Russian crude making up more than a third of India's oil US is India's largest export market. Some of the most exposed sectors under Trump's 25% threat include:Pharmaceuticals — $13B in 2024 US imports from India (5.3% of total).Diamonds — $6.7B, but 44.5% of all US diamond — Rugs (35.1%), cotton goods (44.5%), apparel (14%).Tea & Spices — 14.5% of the US market share. Even small changes in tariff rates could shift buying patterns in these concentrated markets, where India PICTURETrump's proposed duties on India are part of a sweeping tariff expansion. The administration is applying new or higher rates on steel, aluminium, autos, copper parts, and more. Canada, Mexico, Malaysia, Thailand, and other nations are also under threat. For India, the stakes are strategic as well as economic. U.S. tariffs could weaken export competitiveness, while a refusal to curb Russian oil purchases could invite further penalties. New Delhi is exploring ways to ease tensions, including boosting U.S. imports, but has ruled out any immediate THEY SAID'While India is our friend, we have, over the years, done relatively little business with them because their tariffs are far too high.' — Donald Trump, Truth Social.- EndsTune InMust Watch
Time of India
11 minutes ago
- Time of India
nishapoddar: Trump's 25% Tariffs: How Indian Consumers & Markets Are Getting Hit
Trump's 25% tariff on Indian exports kicks in on August 1. From iPhones to jewellery and fuel to pharma, who gets hit? What happens to the markets, rupee, and your monthly budget? Nisha Poddar breaks it down in this episode of Two Sharp with ET.
