President Trump said he would impose a 10-day deadline on Russia to end its war on Ukraine. Russia will be subject to 100% secondary tariffs if it doesn’t reach a ceasefire by August 8.
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On Monday, Trump said that he would give Russia 10 to 12 days to end the war before secondary tariffs take effect. Russia has not yet responded to the threat.
The secondary tariffs would mainly target buyers of Russian energy, which include key customers like China and India.
Oil Futures Jump on Trump’s 10-Day Deadline to Russia
Crude oil futures are up by over 3% following Trump’s threat, since Russia is a major global exporter of oil and gas. 100% secondary tariffs could drive up oil and gas prices and disrupt supply chains.
Trump appears unconcerned with this scenario, adding that the U.S. has plenty of oil and can increase production to combat higher prices.
Head over to TipRanks’ Stock Analysis and News feed for the latest updates on the Ukraine-Russia war.
