logo
Trump sets new deadline of 10 or 12 days for Russia to act on Ukraine

Trump sets new deadline of 10 or 12 days for Russia to act on Ukraine

TURNBERRY: U.S. President Donald Trump set a new deadline on Monday of 10 or 12 days for Russia to make progress toward ending the war in Ukraine or face consequences, underscoring frustration with Russian President Vladimir Putin for the 3-1/2-year-old conflict.
Trump has threatened both sanctions on Russia and buyers of its exports unless progress is made. The fresh deadline suggests the U.S. president is prepared to move forward on those threats after previous hesitation to do so.
Speaking in Scotland, where he is holding meetings with European leaders and playing golf, Trump said he was disappointed in Putin and shortening a 50-day deadline he had set on the issue earlier this month.
'I'm going to make a new deadline of about … 10 or 12 days from today,' Trump told reporters during a meeting with British Prime Minister Keir Starmer. 'There's no reason in waiting… We just don't see any progress being made.'
There was no immediate comment from the Kremlin.
In a post on X, former Russian president Dmitry Medvedev, a close ally of Putin, said Trump was playing 'a game of ultimatums' that could lead to a war involving the U.S.
Medvedev wrote: 'Each new ultimatum is a threat and a step towards war. Not between Russia and Ukraine, but with (Trump's) own country.'
Zelenskiyy says Ukraine, Russia to hold peace talks in Turkey on Wednesday
Ukraine welcomed Trump's statement. Andriy Yermak, President Volodymyr Zelenskiy's chief of staff, thanked Trump in a social media post for 'standing firm and delivering a clear message of peace through strength.'
Trump, who has expressed annoyance also with Zelenskiy, has not always followed tough talk about Putin with action, citing what he deems a good relationship that the two men have had previously.
On Monday, Trump indicated he was not interested in more talks with Putin. He said sanctions and tariffs would be used as penalties for Moscow if it did not meet Trump's demands.
'There's no reason to wait. If you know what the answer is going to be, why wait? And it would be sanctions and maybe tariffs, secondary tariffs,' Trump said. 'I don't want to do that to Russia. I love the Russian people.'
Ukraine had proposed a summit between Putin and Zelenskiy before the end of August, but the Kremlin has said that timeline was unlikely and that a meeting could only happen as a final step to clinch peace.
Russia's foreign ministry said on Saturday that if the West wanted real peace with Ukraine, it would stop supplying Kyiv with weapons.
Trump has repeatedly voiced exasperation with Putin for pursuing attacks on Ukraine despite U.S. efforts to end the war. Trump has played up successes in other parts of the world where the United States has helped to broker peace agreements and has been flattered by some leaders who suggest he should be given the Nobel Peace Prize.
'I'm disappointed in President Putin,' Trump said on Monday. 'I'm going to reduce that 50 days that I gave him to a lesser number because I think I already know the answer what's going to happen.'
Trump, who is also struggling to achieve a peace deal in Gaza, has touted his role in ending conflicts between India and Pakistan as well as Rwanda and Congo. Before returning to the White House in January, Trump campaigned on a promise to end Russia's conflict with Ukraine in a day.
'We thought we had that settled numerous times, and then President Putin goes out and starts launching rockets into some city like Kyiv and kills a lot of people in a nursing home or whatever,' Trump said. 'And I say that's not the way to do it.'
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Global economies reel from Trump's tariffs punch
Global economies reel from Trump's tariffs punch

Express Tribune

time7 minutes ago

  • Express Tribune

Global economies reel from Trump's tariffs punch

Listen to article US President Donald Trump's latest wave of tariffs on exports from dozens of trading partners sent global stock markets tumbling on Friday and countries and companies scrambling to seek ways to strike better deals. Pakistan, which exported about $4.1 billion worth of apparel to the United States in the 2024 fiscal year, secured a tariff rate of 19%, but industry figures were cautious about the immediate impact. "Considering India's lower production costs and the likelihood of it negotiating reduced tariffs in the near term, Pakistan is unlikely to either gain or lose a meaningful share in the apparel segment," Musadaq Zulqarnain, founder and chair of Interloop Limited — a leading Pakistani exporter. "If the current reciprocal tariff structure holds, significant investment is likely to flow into DR-CAFTA countries and Egypt," he said, referring to a trade agreement between the US and a group of Caribbean and Central American countries. Elsewhere in South Asia, Sri Lanka also secured a 20% tariff rate from the US, which accounted for 40% of its apparel exports of $4.8 billion last year. "The devil will be in the details as there are questions over issues such as trans-shipment, but overall it's mostly good," Yohan Lawrence, secretary general of the Joint Apparel Associations Forum, a Sri Lankan industry body, told Reuters. Bangladesh has negotiated a 20% tariff on exports to the US, down from the 37% initially proposed by US President Donald Trump, bringing relief to exporters in the world's second-largest garment supplier. The new rate is in line with those offered to other major apparel-exporting countries such as Sri Lanka, Vietnam, Pakistan and Indonesia. India, which failed to reach a comprehensive agreement with Washington, will face a steeper 25% tariff. As Trump presses ahead with plans to reorder the global economy with the highest tariff rates since the early 1930s, Switzerland, "stunned" by 39% tariffs, sought more talks, as did India, hit with a 25% rate. New tariffs also include a 35% duty on many goods from Canada, 50% for Brazil, 20% for Taiwan, which said its rate was "temporary" and it expected to reach a lower figure. The presidential order listed higher import duty rates of 10% to 41% starting in a week's time for 69 trading partners, taking the US effective tariff rate to about 18%, from 2.3% last year, according to analysts at Capital Economics. US stocks took an immediate hit. By early afternoon on Friday, the Dow Jones Industrial Average had dropped 0.96% to 43,708.00, the S&P 500 1.21% to 6,262.88 and the Nasdaq Composite 1.65% to 20,773.64. Markets were also reacting to a disappointing jobs report. Data showed US job growth slowed more than expected in July while the prior month's data was revised sharply lower, pointing to a slowdown in the labor market. Global shares stumbled, with Europe's STOXX 600 down 1.89% on the day and 2.5% on the week, on track for its biggest weekly drop since Trump announced his first major wave of tariffs on April 2. Trump's new tariffs have created yet more uncertainty, with many details unclear. They are set to take effect on Aug 7 at 0401 GMT, a White House official said. Trump administration officials defended the president's approach. "The uncertainty with respect to tariffs ... was critical to getting the leverage that we needed to create the circumstance in which the president could create the trade deals we've seen over the last few weeks, which have been nothing short of monumental," Council of Economic Advisers Chair Stephen Miran said on CNBC. The European Union, which struck a framework deal with Trump on Sunday, is still awaiting more Trump orders to deliver on agreed carve-outs, including on cars and aircraft, EU officials said, saying the latest executive orders did not cover that. Also, it is unclear how the administration intends to define and police the transshipment restrictions, which threaten 40% levies on any exporter deemed to have tried to mask goods from a higher-tariffed originator, such as China, as their own product. Trump's tariff rollout also comes amid evidence they have begun driving up prices. US Commerce Department data released Thursday showed prices for home furnishings and durable household equipment jumped 1.3% in June, the biggest gain since March 2022. NO WINNERS? Countries hit with hefty tariffs said they will seek to negotiate with the US in hopes of getting a lower rate. Switzerland said it would push for a "negotiated solution" with the US "It's a massive shock for the export industry and for the whole country. We are really stunned," said Jean-Philippe Kohl, deputy director of Swissmem, representing Switzerland's mechanical and electrical engineering industries. South Africa's Trade Minister Parks Tau said he was seeking "real, practical interventions" to defend jobs and the economy against the 30% U.S. tariff it faces. Southeast Asian countries, however, breathed a sigh of relief after the US tariffs on their exports that were lower than threatened and leveled the playing field with a rate of about 19% across the region's biggest economies. Thailand's finance minister said a reduction from 36% to 19% would help his country's economy. "It helps maintain Thailand's competitiveness on the global stage, boosts investor confidence and opens the door to economic growth, increased income and new opportunities," Pichai Chunhavajira said. Australian products could become more competitive in the US market, helping businesses boost exports, Trade Minister Don Farrell said, after Trump kept the minimum tariff rate of 10% for Australia.

Pakistan to receive first US oil shipment
Pakistan to receive first US oil shipment

Express Tribune

time7 minutes ago

  • Express Tribune

Pakistan to receive first US oil shipment

Listen to article Pakistan's largest refiner Cnergyico will import 1 million barrels of oil from Vitol in October, its Vice Chairman Usama Qureshi told Reuters on Friday, marking the country's first-ever purchase of US crude following a landmark trade deal. The West Texas Intermediate light crude cargo will be loaded from Houston this month and is expected to arrive in Karachi in the second half of October, Qureshi said. "This is a test spot cargo under our umbrella term agreement with Vitol. If it is commercially viable and available, we could import at least one cargo per month," he said, adding that the shipment was not meant for resale. The deal follows months of multiple negotiations which first began in April, he said, after US President Donald Trump threatened to impose 29% tariffs on imports from Pakistan. Qureshi said Pakistan's finance and petroleum ministries encouraged local refineries to explore US crude imports after the April tariff announcement. Vitol did not immediately respond to a request for comment sent outside of office hours. On Thursday, Pakistan hailed a trade deal struck with the US, its top export market, and said the agreement would increase investments. The White House said on Thursday the US will charge a 19% tariff on imports from Pakistan. A key China ally, Pakistan has been warming up to Trump after he threatened tariffs. It has credited US diplomatic intervention for ending recent hostilities with neighbouring India and nominated Trump for the Nobel Peace Prize. Oil is Pakistan's biggest import item and its shipments were valued at $11.3 billion in the year ended June 30, 2025, accounting for nearly a fifth of the country's total import bill. The import deal will help Pakistan diversify its crude sourcing and reduce reliance on Middle Eastern suppliers, who account for nearly all of its oil imports. "Gross refining margin is on par with Gulf grades, and no blending or refinery tweaks are required," Qureshi said. Cnergyico can process 156,000 barrels of crude per day and operates the country's only single-point mooring terminal near Karachi, enabling it to handle large tankers unlike other refiners in Pakistan. The company plans to install a second offshore terminal to allow larger or more frequent shipments, and to upgrade its refinery over the next five to six years, Qureshi said. The refiner, which has been operating at an average refinery run rate of 30% to 35% due to tepid local demand, is betting on growth in demand for oil products. "We expect run rates to rise as domestic demand strengthens and local production is prioritised over imported fuels," Qureshi said. Trump said on Wednesday the US would also cooperate with Pakistan to develop the South Asian country's "massive oil reserves", without providing further details.

European shares log biggest daily drop after US tariffs hike
European shares log biggest daily drop after US tariffs hike

Business Recorder

time36 minutes ago

  • Business Recorder

European shares log biggest daily drop after US tariffs hike

FRANKFURT: European stocks logged their biggest one-day drop in over three months on Friday, at the end of a busy week as investors grappled with the repercussions of fresh US levies on dozens of countries, including a 39% tariff on Switzerland. Investors shunned riskier equities globally as Trump continued his tariff blitz, announcing steep levies on exports from dozens of trading partners including Canada, Brazil, India and Taiwan with countries not listed subject to a base 10% rate ahead of a Friday trade deal deadline. Healthcare stocks lost 1% after US President Donald Trump sent letters to the leaders of 17 major pharmaceutical companies, including Novo Nordisk and Sanofi, outlining how they should slash US prescription drug prices. The sector was already singed this week by Novo Nordisk's profit warning. The Denmark-listed Wegovy-maker shed 1.8% and logged its steepest weekly decline on record. 'We saw during the week that companies like Novo Nordisk had different issues. European pharma is very close to bottoming and that's why it didn't react to the uncertainty around tariffs and policy,' Anthi Tsouvali, a multi-asset strategist at UBS Global Wealth Management said. 'Europe is an export market... if we see heightened tariffs all over the world and trade being subdued, then that will have an impact on European companies regardless.' The pan-European STOXX 600 index slid 1.9% and marked its biggest one-week drop since early April when Trump unveiled his tariffs on world economies. The euro STOXX volatility index jumped 4.25 points to its highest in over one-month. The STOXX index has lost over 5% from its March peak, after coming within 2% of that level earlier this week, dragged down by a record plunge in Novo Nordisk shares, and as investors assess the implications of the US-EU trade deal. Markets in Switzerland were shut for a holiday, but UK-listed Watches of Switzerland declined 6.8%, while a US-listed exchange traded fund tracking the country's equities slid to a more than three-month low and was last down 1.2%. Most regional bourses were in the red, with Germany's blue-chip DAX down 2.7%, while Denmark's OMXC fell 1.8% to a nearly two-year low. Banks, that had rallied earlier in the week, were down 3.4% and were the top sectoral underperformer as they notched their biggest one-day drop since early April.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store