US President Donald Trump meets with NATO Secretary Normal Mark Rutte (L) within the Oval Workplace of the White Home in Washington, DC on July 14, 2025.
Andrew Caballero-Reynolds | AFP | Getty Pictures
This is a tariff we will get behind. At a White Home assembly on Monday with NATO’s secretary common, Mark Rutte, U.S. President Donald Trump mentioned he would introduce “tariffs at about 100%” on Russia’s commerce companions if the Kremlin would not attain a deal to finish its invasion of Ukraine in 50 days.
Notably, the punitive measures will probably be carried out as “secondary tariffs,” Trump mentioned. In contrast to Trump’s regular tariffs, beneath which a particular nation is slapped with a levy, secondary tariffs impose the obligation on international locations and entities that purchase Russia’s exports.
Whereas these strikes have been meant to weaken Russia’s economic system, they do run the danger of drawing different international locations’ ire. In response to knowledge from the Worldwide Commerce Centre, in 2024, Russia’s largest export was oil, and its largest patrons have been China, India and Turkey, in that order. Which means these nations, amongst others, would successfully face a tariff of 100% from the U.S. — the best of all up to date numbers introduced to this point — if they do not shift their shopping for patterns.
That mentioned, it is refreshing to consider tariffs not as a weapon in a commerce conflict (even when there may be collateral injury), however getting used for peace.
What you might want to know right now
Trump threatens 100% tariffs on Russian export patrons. The U.S. president mentioned he’ll impose “secondary tariffs” on Moscow if the nation would not finish its conflict on Ukraine in 50 days.
U.S. shares tick up even after renewed tariff threats. All main U.S. indexes posted delicate positive factors Monday stateside. The Stoxx Europe 600 inched down 0.06%, however London’s FTSE 100 closed 0.64% increased to hit a report excessive.
‘Patriotism’ shopping for is suppressing inflation. Kevin Hassett, director of the U.S. Nationwide Financial Council, theorized that tariffs aren’t inflicting costs to rise as a result of People are shopping for home merchandise.
Elon Musk would not help Tesla-xAI merger. The tech billionaire replied within the adverse to a query concerning a possible deal. Musk, nevertheless, mentioned he backs Tesla investing in xAI, and can maintain a shareholder vote on it.
[PRO] Tesla’s provider has potential past batteries. Up to date Amperex Expertise, often known as CATL, provides battery packs to main electrical firms. Analysts assume the corporate will also be a “software program ecosystem supplier.”
And at last…
Groceries are seen at a Walmart grocery store in Houston, Texas, on Could 15, 2025.
Ronaldo Schemidt | AFP | Getty Pictures
Inflation report Tuesday ought to present clues on the influence tariffs are having on costs
June’s inflation report will probably be examined not a lot for what the headline numbers present than what’s within the underlying knowledge, particularly whether or not tariffs are beginning to have an effect.
“I am autos and I am attire, and final month’s studying was very low for each of them, which could be very counterintuitive to what you’ll have” anticipated, mentioned Chris Hodge, head U.S. economist at Natixis CIB Americas. “These are two sectors which can be very delicate to elevated tariffs.”
— Jeff Cox
