The two Asian nations, among the largest importers of Russian oil, would be mainly affected by what two U.S. senators call a ’real executive hammer.’
President Donald Trump said on July 14 that he will impose “very severe” secondary tariffs on Russia if Russian President Vladimir Putin does not agree to a cease-fire with Ukraine in 50 days.
“We’re going to be doing secondary tariffs if we don’t have a deal in 50 days,” Trump said. “It’s very simple, and they’ll be at 100 percent.”
Secondary tariffs would be applied to nations that trade with the targeted country. So if China purchases petroleum from Moscow, the United States would slap a tariff on exports from Beijing.
“I use trade for a lot of things,” Trump said at the Oval Office during a meeting with NATO Secretary-General Mark Rutte on July 14. “But it’s great for settling wars.”
He warned earlier this year that if his administration could not strike a deal with Putin to end the war in Ukraine, then he will “put secondary tariffs on oil, on all oil coming out of Russia.”
Russia’s largest exports are crude oil, refined petroleum, natural gas, and coal.
The president has already flirted with secondary tariffs on other markets this year.
In March, Trump implemented a 25 percent secondary levy on countries that imported crude oil from Venezuela. He also threatened to impose similar tariffs in May on countries that imported Iranian crude oil.
In a joint statement from Sens. Lindsey Graham (R-S.C.) and Richard Blumenthal (D-Conn.) shortly after Trump’s announcement, they expressed support for the president’s proposal to introduce 100 percent secondary tariffs, calling it a “real executive hammer to drive the parties to the negotiating table.”
“It is long overdue for the financial backers of Russia’s atrocities in Ukraine to pay a price for buying cheap energy products and marking it up in order to benefit their economies. The days of doing this without consequences are coming to an end,” they said.
U.S. officials later clarified that secondary levies would be imposed on countries that purchase Russian oil.
Here are the countries that would most likely be affected by secondary tariffs.
By Andrew Moran
