US exempts Russia from tariffs: US President Donald Trump signed an executive order on Wednesday, announcing far-reaching new tariffs on nearly all US trading partners, including a 34 per cent tax on imports from China and 20 per cent on the European Union. The US president described it as “Liberation Day” and 2 April 2025 as the day “American industry was reborn.” However, one notable development is that Trump's latest tariffs don't cover Russia. It gains prominence as Trump, in one of his recent remarks, said that he was "pissed off and angry" at Russian President Vladimir Putin for questioning Ukrainian President Volodymyr Zelensky's future as a leader.
What Trump said on Putin?
Trump stressed that if he and Russia were "unable to make a deal on stopping the bloodshed in Ukraine and if I think it was Russia’s fault, which it might not be, but if I think it was Russia’s fault", he will put secondary tariffs on oil, on all oil coming out of Russia.
Why US exempted Russia from latest tariffs?
According to a report by Axios, White House Press Secretary Karoline Leavitt said that Russia has been exempted from US sanctions, as it is already subject to US sanctions, which "preclude any meaningful trade" between Moscow and Washington. Additionally, Russia had also urged Trump to lift some of the sanctions imposed on it as part of the US-mediated talks.
The report underscored that the US-Russia trade, which used to be valued at USD 35 billion in 2021, dropped drastically to approximately $3.5 billion, given a barrage of US sanctions following the Russian invasion of Ukraine. Moreover, Leavitt also said that Russia could face "additional strong sanctions".
New tariffs will boost domestic manufacturing: Trump
Trump, while announcing the latest tariffs, said that the latest move was designed to boost domestic manufacturing and used aggressive rhetoric to describe a global trade system that the United States helped to build after World War II, saying, “Our country has been looted, pillaged, raped and plundered” by other nations.
The action kicks in a historic tax hike that could push the global order to a breaking point. It kickstarts what could be a painful transition for many Americans, as middle-class essentials such as housing, autos and clothing are expected to become more costly, while disrupting the alliances built to ensure peace and economic stability.
Also Read | Trump says he is 'very angry, pissed off' with Putin over his comments on Zelenskyy's leadership: Report
