Discussions over trade with China are stagnating.US-EU commerce is losing further ground.Possible recession in Russia
The most highly sanctioned nation in the world, Russia, continues to use its enormous energy resources to fight the conflict in Ukraine. That is what US President Donald Trump wants to fix. He has declared that any nation that continues to deal with Ukraine would face new secondary tariffs if Russia does not reach a ceasefire agreement with the country by next Friday, August 8.
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Imported goods from any nation that trades with Russia will be subject to a 100% levy under these secondary tariffs.
Trump stated last month, "I have used trade for a number of things, but it is excellent for avoiding conflicts." The Trump administration has previously levied secondary tariffs. Buyers of Venezuelan oil have already been subject to similar secondary charges. However, this strategy would have a significant effect on the world economy if it were applied to Russia.
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Russia's top exports are gas and oil. China, India and Turkey are Moscow's top clients. And behind Saudi Arabia and the United States, Russia continues to be the world's third-largest producer of oil.
But a Bloomberg analysis based on ship monitoring data reveals that Russian oil exports are dropping this year.
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