Donald Trump threatens secondary tariffs on Russian oil if the Ukraine conflict escalates, impacting India and China, which have increased reliance on Russian oil. Trump expressed his frustration with Putin and stated that without a ceasefire, he would impose tariffs, which could range from 25% to 50% on oil purchased from Russia. This policy could force key buyers to choose between Russian oil and access to the U.S. market.
Former President Donald Trump has issued a warning regarding potential secondary tariffs on Russian oil, contingent on the Ukraine conflict escalating further. This stance indicates a possible shift in U.S. policy that would significantly impact nations like India and China, both of which have significantly increased their purchase of Russian oil amid the ongoing war. Trump articulated his concerns during a phone interview with NBC News, emphasizing that should a ceasefire not be achieved, he might pursue these tariffs.
Expressing his discontent with Russian President Vladimir Putin, Trump noted, “I was pissed off about it. But if a deal isn’t made, and if I think it was Russia’s fault, I’m going to put secondary sanctions on Russia,” adding that this includes “all oil coming out of Russia.” He also stated that he intended to engage with Putin directly in the coming week.
Trump further explained that if he cannot facilitate a resolution to the conflict, he is prepared to impose secondary tariffs on Russian oil. He indicated that penalties would fall upon nations buying Russian oil, stating, “That would be that if you buy oil from Russia, you can’t do business in the United States,” with potential tariffs reaching 25% to 50% on oil.
This potential for renewed tariffs poses a significant dilemma for India and China, the primary purchasers of Russian oil post-invasion. Given Russia’s position as a major global oil supplier, any drastic reduction in its oil exports could destabilize the international energy market. The decision to maintain trade relations with Russia may lead these countries to compromise their access to the U.S. market.
The backdrop to Trump’s statements includes recent agreements between Ukraine and Russia regarding a ceasefire in the Black Sea. However, negotiations remain complicated, with the Kremlin insisting on the lifting of sanctions on key financial institutions before any long-term resolution can be realized. Nonetheless, the proposed tariffs could introduce new complexities in navigating the geopolitical ramifications of the ongoing conflict.
Donald Trump has indicated his intention to impose secondary tariffs on Russian oil exports if the conflict in Ukraine escalates. This measure could significantly impact countries such as India and China, who have increased their oil purchases from Russia amid the ongoing war. Trump’s comments highlight the potential for further geopolitical tension and economic repercussions in the global energy market as negotiations between Ukraine and Russia continue.
Original Source: www.hindustantimes.com
