Trump Says Russia Tariffs Will Hit Aug. 8
President Donald Trump, in a gaggle with reporters on his plane as he returned from Scotland, said that he will impose tariffs to pressure Russia on Aug. 8, 10 days from now.
Sign up for a free preview to unlock the rest of this article
If your job depends on informed compliance, you need International Trade Today. Delivered every business day and available any time online, only International Trade Today helps you stay current on the increasingly complex international trade regulatory environment.
He acknowledged that tariffs -- which may be only on Russian goods or may also apply to exports from countries that buy Russian oil and natural gas -- may not convince Putin to stop the war in Ukraine. China and India are Russia's primary oil and gas customers.
"It may or may not affect them, but it could," he said. He said his administration has heard nothing from Russia since he said he would only wait 10 to 12 days more before imposing 100% tariffs. "I haven’t had any response, it’s a shame," he said.
He said he isn't worried about what these actions could do to oil prices. "We have so much oil in our country, we’ll just step it up even further," he said.
He was also asked whether Indian goods would face a tariff rate on Friday of between 20% and 25%. "I think so," he said, because, although he's friends with India's prime minister, "India has charged basically more tariffs than almost any other country." He said he can't put up with that.