President Donald Trump has threatened Russia with 100 per cent tariffs if Vladimir Putin does not agree to a peace deal with Ukriane.
During a meeting with NATO chief Mark Rutte in the White House this afternoon, Trump confirmed the will implement secondary sanctions if Putin continues to hold out.
This means that countries that continue to do business with Russia, including China, India, Brazil and other BRICs countries, would likely take a financial hit.
The Trump administration is set to send offensive weapons to Ukraine to hold off Russia's illegal invasion of the country as part of an aid package.
Donald Trump confirmed Russia could be hit with 100 per cent tariffs
GETTYSpeaking to reporters in the Oval Office, the US President said: "We’re going to be doing secondary tariffs. If we don’t have a deal in 50 days, it’s very simple, and they’ll be at 100 per cent. he told reporters in the Oval Office. And that’s the way it is.. it’s just the way it is. I hope we don’t have to do it."
The Trump administration has made tariffs the signature fiscal policy of the Republican Party leader's economic agenda with the Canada, Mexico and European Union also being targeted.
Despite an apparently friendly relationship with Prime Minister Keir Starmer, Trump has also levied tariffs on UK imports coming into the US.
Earlier this week, Britain's US ambassador Lord Peter Mandelson confirmed that the 10 per cent tariffs on British business are "here to stay".
How Trump's tariffs impact the UKGB NEWSIn response to US tariffs, the EU has unveiled proposals for a new round retaliatory tariffs against US goods worth $72billion (£62.4billion).
European Union trade commissioner Maroš Šefčovič broke down the plan as he prepared to phone the US president’s top trade officials this evening to try to salvage a trans-Atlantic trade deal.
Šefčovič confirmed e would speak to US commerce secretary Howard Lutnick and trade envoy Jamieson Greer later following a meeting with EU ministers.
These discussions took place after the US President said economic bloc would face 30 per cent tariffs from August 1.
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Putin has 50 days to sign the deal or see Russia hit with tariffs
REUTERSFurthermore, Šefčovič asserted that the EU "never walks away without genuine effort" to make a deal, but “it takes two hands to clap".
Trump said he was "disappointed" in Putin's failure to come to the table and sign a deal to end the war with Ukraine.
While speaking to the press, the US President stated that Ukrainian soldiers "continue to fight with tremendous courage" but are losing equipment.
He also blamed escalation of the war on his predecessor President Joe Biden, calling the conflict a "Biden war".