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Time of India
5 days ago
- Business
- Time of India
Trump threatens Russia with tariffs if war on Ukraine isn't resolved within 50 days
Former U.S. President Donald Trump said he would impose severe tariffs on Russia if a deal to end the Ukraine war isn't reached within 50 days. Speaking during a meeting with NATO Secretary General Mark Rutte, Trump said he uses trade measures like tariffs to resolve conflicts, but did not detail how they would be enforced. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads President Donald Trump said Monday he would punish Russia with tariffs if there isn't a deal to end the war in Ukraine within 50 Republican president made the announcement during an Oval Office meeting with NATO Secretary General Mark Rutte."We're going to be doing very severe tariffs if we don't have a deal in 50 days," Trump said. He did not provide specifics on how the tariffs would be implemented."I use trade for a lot of things," he added. "But it's great for settling wars."Meanwhile, Trump's special envoy to Ukraine and Russia met with Ukrainian President Volodymyr Zelenskyy in Kyiv on Monday, as anticipation grew over a possible shift in the Trump administration's policy on the three-year also planned to hold talks with U.S. Defense Secretary Hegseth and Secretary of State Marco Rubio, as well as members of made quickly stopping the war one of his diplomatic priorities, and he has increasingly expressed frustration about Russian President Vladimir Putin 's unbudging stance on U.S-led peace has long boasted of his friendly relationship with Putin, and after taking office in January repeatedly said that Russia was more willing than Ukraine to reach a peace deal. At the same time, Trump accused Zelenskyy of prolonging the war and called him a 'dictator without elections.'But Russia's relentless onslaught against civilian areas of Ukraine wore down Trump's patience. In April, Trump urged Putin to 'STOP!' launching deadly barrages on Kyiv, and the following month said in a social media post that the Russian leader ' has gone absolutely CRAZY!' as the bombardments continued.'I am very disappointed with President Putin, I thought he was somebody that meant what he said," Trump said late Sunday. "He'll talk so beautifully and then he'll bomb people at night. We don't like that.'Zelenskyy said he and Trump's envoy, retired Lt. Gen. Keith Kellogg, had 'a productive conversation' about strengthening Ukrainian air defenses, joint arms production and purchasing U.S. weapons in conjunction with European countries, as well as the possibility of tighter international sanctions on the Kremlin.'We hope for the leadership of the United States, because it is clear that Moscow will not stop unless its ... ambitions are stopped by force,' Zelenskyy said on on sending Patriot missilesRussia has pounded Ukrainian cities, including the capital, Kyiv, with hundreds of drones and cruise and ballistic missiles that Ukraine's air defenses are struggling to counter. June brought the highest monthly civilian casualties of the past three years, with 232 people killed and 1,343 wounded, the U.N. human rights mission in Ukraine said. Russia launched 10 times more drones and missiles in June than in the same month last year, it the same time, Russia's bigger army is making a new effort to drive back Ukrainian defenders on parts of the 1,000-kilometer (620-mile) front confirmed the U.S. is sending Ukraine more badly needed Patriot air defense missiles and that the European Union will pay the U.S. for the 'various pieces of very sophisticated' the EU is not allowed under its treaties to buy weapons, individual EU member countries can and are, just as NATO member countries are buying and sending has offered to finance two Patriot systems, government spokesperson Stefan Kornelius said Monday in Berlin. As far as other European countries financing more systems is concerned, that would have to be seen in talks, he Defense Minister Boris Pistorius was traveling to Washington on Monday to meet with Defense Secretary Pete has already given three of its own Patriot systems to Ukraine, and Pistorius was quoted as saying in an interview with the Financial Times that it now has only six.'Weapons flowing at a record level'A top ally of Trump, Republican Sen. Lindsey Graham of South Carolina, said Sunday that the conflict is nearing an inflection point as Trump shows growing interest in helping Ukraine fight back against Russia's full-scale invasion. It's a cause that Trump had previously dismissed as being a waste of U.S. taxpayer money.'In the coming days, you'll see weapons flowing at a record level to help Ukraine defend themselves,' Graham said on CBS' 'Face the Nation.' He added: 'One of the biggest miscalculations Putin has made is to play Trump. And you just watch, in the coming days and weeks, there's going to be a massive effort to get Putin to the table.'Kirill Dmitriev, Putin's envoy for international investment who took part in talks with U.S. officials in Saudi Arabia in February, dismissed what he said were efforts to drive a wedge between Moscow and Washington.'Constructive dialogue between Russia and the United States is more effective than doomed-to-fail attempts at pressure,' Dmitriev said in a post on Telegram. 'This dialogue will continue, despite titanic efforts to disrupt it by all possible means.'
Economic Times
11-07-2025
- Business
- Economic Times
500% Russian oil tariff on India? There's more to Trump's latest declaration than meets the eye
Two Sharp with ET: Viceroy calls Vedanta a 'Ponzi' & Trump slaps BRICS, copper with new tariffs The Sanctioning Russia Act of 2025, proposed by Senators Graham and Blumenthal, introduces a 500% tariff on imports from nations like India and China that continue purchasing Russian energy. This bipartisan bill aims to penalize Moscow for the Ukraine war, but faces opposition from President Trump, who seeks greater control over its execution. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The Sanctioning Russia Act of 2025, a bold and controversial bipartisan bill introduced by Senators Lindsey Graham (Republican) and Richard Blumenthal (Democrat), seeks to radically escalate US pressure on countries that continue to buy Russian oil and other energy products, mainly India and China. The bill's central feature is an eye-popping 500% tariff on all US imports from countries that purchase Russian oil, gas or uranium. Framed as a way to sever global dependence on Russian energy and punish Moscow for its war in Ukraine, the bill is already causing diplomatic tremors worldwide. India will be hit hard as it has benefited greatly from buying cheaper Russian oil since the Russia-Ukraine war broke out. Russian oil comprised about 35% of India's total crude imports in 2024, raising the stakes for what has become a crucial outlet for Moscow, especially if Trump increases bill's fate and its real-world implications hinge not just on congressional debate, but on US President Donald Trump too, who is not pleased with the current form of the its core, the Sanctioning Russia Act of 2025 represents a radical departure from traditional economic sanctions. Instead of merely targeting Russian companies or banks, this bill seeks to coerce third-party countries by penalising their exports to the US if they continue buying energy from Russia. The bill entails mandatory 500% tariff on all imports into the US from countries that purchase Russian energy. It offers a waiver authority that allows the president to delay these tariffs for 180 days. A second waiver is potentially available, but with oversight from has publicly flirted with supporting the bill. 'It's totally my option,' he told reporters recently, a typical Trump statement that highlights both interest and ambiguity. According to reports, Trump is ready to sign the bill if it gives him near-total control over its current language of the bill has strong congressional oversight built in. For instance, it includes a 'joint resolution of disapproval' clause that allows Congress to veto the president's waiver of the tariffs. The White House strongly opposes this clause, arguing that it undermines the president's constitutional authority to conduct foreign policy. The Wall Street Journal reported last month that Trump's team has lobbied to change the bill's language from 'shall' to 'may', giving the president discretion in applying tariffs, expand the waiver authority so it covers allies, essential goods and national security interests, and remove the congressional veto mechanism entirely. In short, Trump wants total control over the execution of reluctance to be constrained isn't merely about presidential ego. His broader argument is that rigid, automatic sanctions can derail diplomacy. He has floated a vision of ending the Ukraine war through negotiation, where economic carrots and sticks are part of a grand bargain. To Trump, automatic sanctions rob him of the flexibility to offer concessions or build incentives for countries like India, Turkey or Brazil to shift away from Russian controlling the waiver process entirely, Trump could reward allies, or pressure them delicately, depending on the diplomatic passed in its current form, the bill would have explosive implications for trade and diplomacy. The 500% tariff is so high that it would effectively block imports to US from countries like India, China, Turkey and several African nations that still purchase Russian oil. It would create trade chaos, driving up costs for American businesses and also risks splintering US alliances. Many US partners, particularly in the Global South, view sanctions as Western overreach. Forcing them to choose between Russian energy and US trade may backfire. Alienated by Washington's pressure tactics, some countries may deepen ties with Beijing or redirected trade flows and retaliatory tariffs could drive inflation in the US, especially in sectors like electronics, textiles and Affairs Minister S Jaishankar said on Wednesday that the Indian embassy has been in touch with US Senator Lindsey Graham, the proponent of the bill. He added that India will cross that bridge when it comes to it, perhaps indicating the bill might not pass in its current Oil Minister Hardeep Singh Puri has defended India's purchases of Russian oil, stating that 'India actually did the world a favour' by helping stabilise global oil prices. From India's perspective, access to discounted Russian oil was not just a financial decision but it was a strategic stabiliser for the global economy. If Russian oil was completely removed from the market and India had to buy its oil from elsewhere, it would have pushed up global oil prices, hurting most to an ANI report, Puri, who is in Vienna, highlighted Russia's significant role as a major crude oil producer, with an output exceeding 9 million barrels daily. He explained that a sudden removal of 9 million barrels from the global supply of approximately 97 million barrels would have necessitated an unfeasible worldwide consumption reduction of over 10%. Such a disruption would have resulted in oil prices escalating beyond $120-130 per barrel, as consumers worldwide would have competed for limited supplies, he claimed. "Imagine the chaos if this oil, amounting to about 10% of the global oil supply of around 97 million, vanished from the market," he said in Vienna."Russian oil was never under global sanctions. Sensible decision makers around the world were aware of the realities of global oil supply chains and how India was only helping the global markets by buying discounted oil under a price cap from wherever we could," he said, praising India's role in navigating the energy Sanctioning Russia Act of 2025 is more than a sanctions bill. It is a litmus test for how far the US is willing to go to enforce its geopolitical red lines, and whether it can do so without alienating its partners or undermining global economic stability. Trump's involvement complicates the picture. While he may sign the bill, he wants to reshape it into a presidential power tool, not a congressional straitjacket. If the bill passes with full executive discretion for the president, Trump would hold an unprecedented lever over global trade -- the ability to punish or pardon entire economies with the stroke of a pen.
Time of India
11-07-2025
- Business
- Time of India
500% Russian oil tariff on India? There's more to Trump's latest declaration than meets the eye
The Sanctioning Russia Act of 2025, proposed by Senators Graham and Blumenthal, introduces a 500% tariff on imports from nations like India and China that continue purchasing Russian energy. This bipartisan bill aims to penalize Moscow for the Ukraine war, but faces opposition from President Trump, who seeks greater control over its execution. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The Sanctioning Russia Act of 2025, a bold and controversial bipartisan bill introduced by Senators Lindsey Graham (Republican) and Richard Blumenthal (Democrat), seeks to radically escalate US pressure on countries that continue to buy Russian oil and other energy products, mainly India and China. The bill's central feature is an eye-popping 500% tariff on all US imports from countries that purchase Russian oil, gas or uranium. Framed as a way to sever global dependence on Russian energy and punish Moscow for its war in Ukraine, the bill is already causing diplomatic tremors worldwide. India will be hit hard as it has benefited greatly from buying cheaper Russian oil since the Russia-Ukraine war broke out. Russian oil comprised about 35% of India's total crude imports in 2024, raising the stakes for what has become a crucial outlet for Moscow, especially if Trump increases bill's fate and its real-world implications hinge not just on congressional debate, but on US President Donald Trump too, who is not pleased with the current form of the its core, the Sanctioning Russia Act of 2025 represents a radical departure from traditional economic sanctions. Instead of merely targeting Russian companies or banks, this bill seeks to coerce third-party countries by penalising their exports to the US if they continue buying energy from Russia. The bill entails mandatory 500% tariff on all imports into the US from countries that purchase Russian energy. It offers a waiver authority that allows the president to delay these tariffs for 180 days. A second waiver is potentially available, but with oversight from has publicly flirted with supporting the bill. 'It's totally my option,' he told reporters recently, a typical Trump statement that highlights both interest and ambiguity. According to reports, Trump is ready to sign the bill if it gives him near-total control over its current language of the bill has strong congressional oversight built in. For instance, it includes a 'joint resolution of disapproval' clause that allows Congress to veto the president's waiver of the tariffs. The White House strongly opposes this clause, arguing that it undermines the president's constitutional authority to conduct foreign policy. The Wall Street Journal reported last month that Trump's team has lobbied to change the bill's language from 'shall' to 'may', giving the president discretion in applying tariffs, expand the waiver authority so it covers allies, essential goods and national security interests, and remove the congressional veto mechanism entirely. In short, Trump wants total control over the execution of reluctance to be constrained isn't merely about presidential ego. His broader argument is that rigid, automatic sanctions can derail diplomacy. He has floated a vision of ending the Ukraine war through negotiation, where economic carrots and sticks are part of a grand bargain. To Trump, automatic sanctions rob him of the flexibility to offer concessions or build incentives for countries like India, Turkey or Brazil to shift away from Russian controlling the waiver process entirely, Trump could reward allies, or pressure them delicately, depending on the diplomatic passed in its current form, the bill would have explosive implications for trade and diplomacy. The 500% tariff is so high that it would effectively block imports to US from countries like India, China, Turkey and several African nations that still purchase Russian oil. It would create trade chaos, driving up costs for American businesses and also risks splintering US alliances. Many US partners, particularly in the Global South, view sanctions as Western overreach. Forcing them to choose between Russian energy and US trade may backfire. Alienated by Washington's pressure tactics, some countries may deepen ties with Beijing or redirected trade flows and retaliatory tariffs could drive inflation in the US, especially in sectors like electronics, textiles and Affairs Minister S Jaishankar said on Wednesday that the Indian embassy has been in touch with US Senator Lindsey Graham, the proponent of the bill. He added that India will cross that bridge when it comes to it, perhaps indicating the bill might not pass in its current Oil Minister Hardeep Singh Puri has defended India's purchases of Russian oil, stating that 'India actually did the world a favour' by helping stabilise global oil prices. From India's perspective, access to discounted Russian oil was not just a financial decision but it was a strategic stabiliser for the global economy. If Russian oil was completely removed from the market and India had to buy its oil from elsewhere, it would have pushed up global oil prices, hurting most to an ANI report, Puri, who is in Vienna, highlighted Russia's significant role as a major crude oil producer, with an output exceeding 9 million barrels daily. He explained that a sudden removal of 9 million barrels from the global supply of approximately 97 million barrels would have necessitated an unfeasible worldwide consumption reduction of over 10%. Such a disruption would have resulted in oil prices escalating beyond $120-130 per barrel, as consumers worldwide would have competed for limited supplies, he claimed. "Imagine the chaos if this oil, amounting to about 10% of the global oil supply of around 97 million, vanished from the market," he said in Vienna."Russian oil was never under global sanctions. Sensible decision makers around the world were aware of the realities of global oil supply chains and how India was only helping the global markets by buying discounted oil under a price cap from wherever we could," he said, praising India's role in navigating the energy Sanctioning Russia Act of 2025 is more than a sanctions bill. It is a litmus test for how far the US is willing to go to enforce its geopolitical red lines, and whether it can do so without alienating its partners or undermining global economic stability. Trump's involvement complicates the picture. While he may sign the bill, he wants to reshape it into a presidential power tool, not a congressional straitjacket. If the bill passes with full executive discretion for the president, Trump would hold an unprecedented lever over global trade -- the ability to punish or pardon entire economies with the stroke of a pen.
Economic Times
09-05-2025
- Business
- Economic Times
Trump's shocking shift: Could higher taxes on the rich Be the key to his tax bill?
President Trump said he could accept higher taxes on the rich – a reversal from his previous opposition – as his fellow Republicans in Congress grapple with broader tax-cut legislation. He cautioned fellow Republican in Congress of the political consequences if they raise taxes on the wealthiest Americans, but added that he would be "OK" if they do increase to top tax rate. In late April, Trump had spoken against the idea of a millionaire tax that was under discussion among Republicans Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Trump to increase taxes on wealth? Tired of too many ads? Remove Ads US President Donald Trump said he is open to a higher tax rate on the rich in order to help workers, as he seeks to advance what he has previously called a "big, beautiful" tax and spending bill through on Friday said Democrats would seize on "even a 'TINY' tax increase for the 'RICH,'" citing former Republican President George H.W. Bush, who lost his re-election bid after saying "Read my lips: no new taxes" during his 1988 election said the "problem with even a 'TINY' tax increase for the RICH, which I and all others would graciously accept in order to help the lower and middle income workers" is how Democrats would react, citing President George H. W. Bush's infamous "read my lips: no new taxes" comment that would later come back to haunt him."Republicans should probably not do it, but I'm OK if they do!!!" Trump posted on his Truth Social platform. Trump has repeatedly rejected raising taxes on the wealthy as a bad strategy because they would leave the remarks followed a Reuters report that he had spoken to House Speaker Mike Johnson (R-LA) about raising the rate on individuals making $2.5 million or more to increase by 2.6 percent, to 39.6 percent. They had also discussed closing the carried interest loophole for Wall Street investors, per the report, which cited two sources familiar with the Republican president suggested an increase to 39.6% from 37% for those earning $2.5 million and higher or joint filers earning $5 million, with carve-outs for small businesses, one source vexing tax issue illustrates the difficulty Republicans face in approving an overall taxing and spending package, what Trump calls "a big, beautiful bill," while facing unified opposition from in the House and Senate are seeking to extend the 2017 tax cuts enacted during Trump's first term in the White House that are set to expire this year. Trump and Republican lawmakers have cited the potential extension as relief for Americans and an economic boost amid Trump's tariffs on imported goods, and vowed to pass it as part of a larger budget bill this far, Johnson and other top Republicans have resisted higher taxes on the wealthy despite pressure from the Trump's populist MAGA late April, Trump had spoken against the idea of a millionaire tax that was under discussion among Republicans, who were divided on it."I think it would be very disruptive because a lot of the millionaires would leave the country," Trump told reporters in the Oval Office."In the old days they left states, they'd go from one state to the other. Now with transportation so quick and so easy, they leave countries."(With inputs from Reuters)
BBC News
02-03-2025
- Business
- BBC News
Crypto prices rally after Trump backs 'crypto reserve'
US President Donald Trump has revealed the names of five cryptocurrencies that he says he'd like to be included in a new strategic reserve to make the US "the Crypto Capital of the World".The market prices of the five coins he named - Bitcoin, Ethereum, XRP, Solana and Cardano - all swiftly jumped after the Trump's presidential campaign, he aggressively courted the crypto community. The previous US president, Joe Biden, had overseen a crackdown on crypto due to concerns about fraud and money is unclear how the new stockpile will work. More information is expected on Friday, when Trump plans to host the first Crypto Summit at the White House. In a social media post on Sunday, Trump said he had signed an order which "directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA".About an hour later he added in another post: "And, obviously, BTC and ETH, as other valuable Cryptocurrencies, will be at the heart of the Reserve."The first three coins he named jumped by up to 62% on and Ethereum also jumped by more than 10% Bitcoin to XRP: Key cryptocurrency terms and what they meanThe posts marked a new upward turn for crypto prices, which had dropped sharply since spiking after his election. Shortly after taking office in January, Trump signed an executive to create a presidential working group tasked with proposing new crypto laws and order called on the group to "evaluate the potential creation and maintenance of a national digital asset stockpile" that could use "cryptocurrencies lawfully seized by the Federal Government through its law enforcement efforts".It is unclear whether creating a new national strategic stockpile would require an act of had previously been a crypto critic, telling Fox News in 2021 that Bitcoin is a "scam".But in recent weeks, both he and his wife Melania Trump have launched their own cryptocurrencies, leading to accusations that they are trying to profit from his White House policies.
