President Donald Trump on Wednesday warned he would impose “high levels” of taxes, tariffs and sanctions on Russia unless Russian President Vladimir Putin strikes a deal to end the war in Ukraine, even as trade between the U.S. and Russia has become increasingly limited in recent years.
Key Facts
- Should Russia and “various other participating countries” fail to end the war in Ukraine, Trump wrote on Truth Social saying he would “have no other choice” but to impose new taxes, tariffs and sanctions, though he did not identify the participants.
- It’s not immediately clear what level of tariffs would be imposed on Russia, though Trump proposed 100% tariffs on all BRICS nations in November, affecting a group of countries like Russia, India, China and Iran if they try to replace the dollar in international trade.
- Trump, who cited his “very good relationship” with Putin, said he was doing Russia a “very big FAVOR” by issuing his threat, suggesting “IT’S ONLY GOING TO GET WORSE” if the war does not end.
- A deal to end the war can be done the “easy way, or the hard way,” Trump said, although he did not specify what the “hard way” entailed.
Crucial Quote
Trump wrote: “Let’s get this war, which never would have started if I were president, over with! We can do it the easy way, or the hard way—and the easy way is always better. It’s time to ‘MAKE A DEAL.’ NO MORE LIVES SHOULD BE LOST!!!”
What Does The U.S. Import From Russia?
Oils, minerals and cement accounted for nearly 60% of all Russian imports in the U.S. in 2021, according to the Bureau of Industry and Security. Other goods include stone, glass, iron, steel and agricultural products. Trade between the two nations has diminished since Russia invaded Ukraine in 2022, however, as the U.S. imposed sanctions against several Russian officials and companies for their alleged involvement in the war. Imports from Russia totaled $14.4 billion in 2022, down 51% from 2021 ($29.6 billion), before falling to $2.8 billion in 2024.
What Other Tariffs Has Trump Proposed?
Trump threatened tariffs on imports from other countries in the lead-up to his inauguration, including 25% tariffs on Canada and Mexico and a 10% tariff on China. Trump suggested those tariffs would be imposed by Feb. 1.
Key Background
Trump claimed in May 2023 he could settle Russia’s war with Ukraine “in one day, 24 hours” if he were president. He also suggested Russia would never have invaded Ukraine if the U.S. had a “real president.” Ukrainian President Volodymyr Zelensky told Ukraine’s public broadcaster in November the war would “end faster” under a Trump administration, though he did not specify how. Trump reportedly called Putin shortly after Election Day to advise the Russian president not to escalate the war, and in private conversations, Trump indicated he would support a peace deal where Russia would control the territory it captured during the conflict. In May 2024, Putin said he would accept a ceasefire in Ukraine that would recognize the current frontlines as Russian territory, though his proposal was shut down by Zelensky and U.S. officials. Putin reportedly said he would speak with Trump about ending the war, despite his demands being unchanged. Zelensky has proposed a peace plan that calls for Russia to restore Ukraine’s territorial integrity and withdraw all of its troops.
This story was originally published on forbes.com.
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