President Donald Trump is expected to announce secondary tariffs on nations trading with Russia Friday as his approach toward Putin shifts during the ongoing Ukraine war.

The United States has doubled tariffs on India, raising them to 50%, and the White House has linked this move to efforts at ending the ongoing Russia–Ukraine war. White House Press Secretary Caroline Levitt said in a briefing that President Donald Trump’s decision to sharply increase tariffs on India is part of a broader strategy to pressure countries globally in order to push Moscow and Kyiv towards peace negotiations.

WASHINGTON: US Treasury Secretary Scott Bessent on Tuesday (Aug 19) accused India of profiteering from its increased purchases of Russian oil during the war in Ukraine, saying Washington viewed the pr

The Indian rupee saw its biggest rise in over a month on Tuesday over optimism that U.S. may ease its stance on the additional 25% tariffs imposed on domestic goods after Donald Trump met with the Russian and Ukrainian presidents.

"I'll be setting tariffs next week and the week after on steel and on, I would say, chips," Trump told reporters aboard Air Force One as he headed to a meeting with Russian President Vladimir Putin in Alaska.

US President Donald Trump is threatening tariffs on other countries that buy Russian oil, in an attempt to pressure Moscow to end the war in Ukraine. But the United States and Europe themselves are still doing billions of dollars in trade with Russia.

Oil prices slipped in early Asian trade on Tuesday as market participants contemplated planned three-way talks among Russia, Ukraine and the U.S. to end the war in Ukraine, which could lead to an end to sanctions on Russian crude.

Benchmark Brent crude prices rose 0.7% to $66.23 per barrel, while U.S. West Texas Intermediate prices gained 0.7% to $62.80 per barrel at 2.32 a.m. ET.