Trump Threatens Tariffs on Russian Oil Buyers: China and India in the Crosshairs

Donald Trump has threatened to impose heavy tariffs on Russian oil buyers if a ceasefire deal in Ukraine is not reached. China and India are likely to be the most affected, as they have increased their purchases of discounted Russian oil since the conflict began. Trump’s comments suggest a significant shift in his stance towards Russia, emphasizing serious repercussions for nations engaging in trade with Russia.

Former President Donald Trump has threatened to impose substantial secondary sanctions on any buyers of Russian oil if Russian President Vladimir Putin continues to hinder a ceasefire deal regarding Ukraine. Mr. Trump expressed his frustration over Russia’s stance and indicated that the sanctions could entail tariffs ranging from 25% to 50% on all oil imports from Russia.

China and India are identified as the principal nations that would likely bear the brunt of these proposed sanctions, having significantly increased their purchase of discounted Russian oil amidst the ongoing conflict. To date, existing sanctions have restricted the flow of funds to Mr. Putin without entirely halting oil trade, a scenario that would profoundly affect the global oil market.

Trump’s remarks signify a marked change in his attitude toward Russia. He warned that if there is no resolution to the conflict and if he holds Russia accountable, he intends to impose tariffs on Russian oil imports. He emphasized that any nations purchasing Russian oil would be barred from doing business in the United States, with tariffs imposed on all oil imports as well as other products.

William Reinsch, a former senior official at the Commerce Department, highlighted the ambiguity surrounding Trump’s tariff threats, questioning how U.S. authorities would be able to accurately identify and verify which countries are importing Russian oil. Currently, India has outpaced China to become the largest buyer of Russian crude oil, accounting for approximately 35% of India’s crude oil imports in 2024.

In summary, Donald Trump has threatened significant tariffs on Russian oil buyers such as China and India if peace negotiations in Ukraine stall. This potential sanctioning could impose heavy consequences on global oil markets while raising concerns about enforcement and verification processes. Trump’s remarks reflect a notable shift in his foreign policy approach towards Russia, indicating that he is willing to take severe measures to pressure the Kremlin to cease hostilities.

Original Source: www.independent.co.uk