Russia is considering a truce on air attacks against Ukraine, according to Bloomberg. Moscow may be yielding to pressure from President Trump, who threatened to impose 100% secondary tariffs on Russia unless it agrees to a ceasefire with Ukraine by August 8. These tariffs would affect buyers of Russian oil, which include China and India.
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Russia is a major global exporter of oil. The country was the third-largest producer of oil in 2023, accounting for about 11% of global production. As a result, oil prices are dropping because Russia may be beginning to concede to Trump’s secondary tariff threat.
Trump Threatens Higher Tariffs on India for Russian Oil Purchases
If imposed, Trump’s 100% secondary tariffs could disrupt the oil supply chain and result in higher prices as Russian oil buyers scramble to find alternate suppliers. On Monday, Trump said he would impose “substantially” higher tariffs on India because the country buys Russian oil and resells some of it for profit.
Trump hasn’t specified the tariff rate that India would face or when it would take effect. India responded by saying it purchases Russian oil in order to provide predictable prices for its citizens.
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