President Donald Trump tightened the screws on Russia, warning that “tariffs and the various things you put on” will land on Russia—and anyone buying its exports—unless “clear progress” toward ending the Ukraine war emerges within ten days.
“I’ve had no response from Putin. It’s a shame,” Trump told reporters aboard Air Force One, adding he “doesn’t worry” about oil prices because US producers can lift output.
Markets reacted as Brent settled at $72.51 a barrel and WTI at $69.21, the highest closes since June 20, adding more than 3% in a single session.
Treasury Secretary Scott Bessent is already selling the plan abroad. After two days of talks in Stockholm he told Chinese officials they, too, risk “huge tariffs” if Beijing keeps buying discounted Russian barrels. JPMorgan notes China is unlikely to comply, but India’s signal that it might puts as much as 2.3 million barrels per day of Russian exports in play.
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Trump’s threat goes further, floating 100% “secondary tariffs” on any country that trades with Russia, saying he “[doesn’t] care at all what happens to Russia’s trading partners.”
Former Russian president Dmitry Medvedev shot back on X, warning the “game of ultimatums” could spiral into a wider war.
The White House insistence comes after Trump halved an earlier 50-day deadline set in June. The move underscores frustration that Moscow shows “no sign” of agreeing to a ceasefire despite Trump’s campaign pledge to end the conflict “in a day.”
For now, traders are pricing higher energy costs, Europe is bracing for 15% reciprocal duties under a separate US deal, and the Fed is expected to hold rates steady while watching tariff risks.
Information for this briefing was found via Reuters and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
