Wed, 06 Aug 2025

Wed, 06 Aug 2025 How Trump's secondary tariffs on Russia could hit the global economy

The sweeping secondary tariffs could cut the flow of Russian oil and gas to global markets.

* US President Donald Trump has announced new secondary tariffs that will impact any country still trading with Russia if a ceasefire with Ukraine is not agreed by Friday, 8 August.
* The tariffs will be applied on countries that buy Russian oil and gas, including China, India, and Turkey.
* India became the first country to be punished by the US over its purchase of Russian oil, facing an additional 25% tariff.
* If secondary sanctions are successful in reducing demand for exports, they will push Russia closer to recession.
* The tariffs are intended to help Ukraine by cutting the amount of money flowing into Russia and bringing an end to the conflict.
* The US-EU trade relationship is also at risk if the EU is impacted by the new tariffs, which could significantly reduce the amount of goods sold by the EU to the US.
* China is a major buyer of Russian energy, and imposing secondary sanctions on Chinese goods would be more challenging for Trump due to the size and complexity of their trade relationship.
  >>