Trump is annoyed with Putin, threatens secondary tariffs on oil

President Donald Trump says he is “pissed off” at Russian President Vladimir Putin and is prepared to consider “secondary tariffs” on Russian oil if a peace agreement with Ukraine cannot be reached.

Trump expressed his frustration in a phone interview with NBC News on Sunday, saying he was “very angry” about Putin’s remarks hinting at replacing President Volodymyr Zelenskiy in Ukraine. 

He said that if new leadership emerges in Ukraine, “you’re not going to have a deal for a long time, right.”

Trump stated, “I was pissed off about it. But if a deal isn’t made, and if I think it was Russia’s fault, I’m going to put secondary sanctions on Russia.” 

He clarified he meant sanctions on “all oil coming out of Russia.” He also plans to speak with Putin this week.

Russia is among the major oil producers in the world. Any attempt to limit Russian oil sales could affect the entire market and raise global inflation. India and China, which have bought much of Russia’s supply since the full-scale invasion, would be especially pressured.

Trump said that if no deal is reached to stop the bloodshed, and if he thinks Russia is to blame, he will levy secondary tariffs on oil. He explained, “There will be a 25% tariff on all – on all oil, a 25 to 50-point tariff on all oil,” and countries purchasing Russian oil could face limits on doing business in the United States.

Last week, US officials said Ukraine and Russia had agreed to a Black Sea truce as part of Trump’s efforts to end the war. Both sides accepted a 30-day halt on strikes against energy sites. Ukraine agreed to honor the ceasefire immediately, while the Kremlin demanded sanctions relief on Russian Agricultural Bank and other financial bodies that handle trade in food and fertilizers.

March data showed Russian crude exports hitting a five-month high. Meanwhile, American sanctions on Russia’s tanker fleet appear less effective. Some analysts think Trump’s new threats could push oil prices higher, given the volumes at stake. Giovanni Staunovo, a commodity analyst at UBS Group AG, noted that “in the past it has taken real disruptions for prices to move higher on a sustained basis,” so talk alone might not spark a lasting surge.

Trump recently adopted new economic tactics

Trump introduced a plan to impose secondary tariffs on countries buying oil from Venezuela. This threat, contained in an executive order, warns that anyone importing Venezuelan oil faces a 25% tariff on trade with the US. Venezuela is already under heavy American sanctions, and Trump said he was responding to “tens of thousands of high level, and other, criminals” he accused Venezuela of sending to the United States.

Beyond Venezuela, Trump also said he might punish Iran with secondary tariffs and spoke of bombing Iran until it renounces nuclear weapons. “If they don’t make a deal, there will be bombing,” he told NBC. 

This warning was included in a letter to Iranian Supreme Leader Ali Khamenei, giving Iran two months to negotiate a new nuclear accord. Trump has previously mentioned he could “go in militarily” if that is what it takes to keep Iran from getting nuclear arms.

Iran responded that it will not hold direct talks with Trump’s administration, though indirect contacts are possible, President Masoud Pezeshkian said on Sunday. 

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