US President Donald Trump meets with NATO Secretary Common Mark Rutte (L) within the Oval Workplace of the White Home in Washington, DC on July 14, 2025.
Andrew Caballero-Reynolds | AFP | Getty Photographs
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 stated he would introduce “tariffs at about 100%” on Russia’s commerce companions if the Kremlin does not attain a deal to finish its invasion of Ukraine in 50 days.
Notably, the punitive measures will probably be applied as “secondary tariffs,” Trump stated. Not like Trump’s regular tariffs, below which a selected nation is slapped with a levy, secondary tariffs impose the obligation on nations and entities that purchase Russia’s exports.
Whereas these strikes have been meant to weaken Russia’s financial system, they do run the chance of drawing different nations’ ire. In keeping with information from the Worldwide Commerce Centre, in 2024, Russia’s greatest export was oil, and its greatest consumers 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 stated, it is refreshing to think about tariffs not as a weapon in a commerce struggle (even when there may be collateral injury), however getting used for peace.
What it’s essential to know at the moment
Trump threatens 100% tariffs on Russian export consumers. The U.S. president stated he’ll impose “secondary tariffs” on Moscow if the nation does not finish its struggle on Ukraine in 50 days.
U.S. shares tick up even after renewed tariff threats. All main U.S. indexes posted delicate positive aspects Monday stateside. The Stoxx Europe 600 inched down 0.06%, however London’s FTSE 100 closed 0.64% increased to hit a file 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 does not assist Tesla-xAI merger. The tech billionaire replied within the adverse to a query relating to a possible deal. Musk, nonetheless, stated he backs Tesla investing in xAI, and can maintain a shareholder vote on it.
[PRO] Tesla’s provider has potential past batteries. Modern Amperex Expertise, also referred to as CATL, provides battery packs to main electrical corporations. Analysts suppose the corporate can be a “software program ecosystem supplier.”
And at last…
Groceries are seen at a Walmart grocery store in Houston, Texas, on Might 15, 2025.
Ronaldo Schemidt | AFP | Getty Photographs
Inflation report Tuesday ought to present clues on the affect 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 information, 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 may be very counterintuitive to what you’ll have” anticipated, stated Chris Hodge, head U.S. economist at Natixis CIB Americas. “These are two sectors which might be very delicate to elevated tariffs.”
— Jeff Cox
