Introduction
U.S. President Donald Trump has announced significant tariffs targeting various nations amid ongoing trade tensions, yet some heavily sanctioned countries like Belarus, Cuba, and North Korea were exempt from additional punitive measures.Context
The United States is currently engaged in a trade war, imposing a 10% tariff on most imported goods. China, being the largest supplier to the U.S., is now subjected to a 54% tariff on all its exports to the country. Trump asserted that the U.S. can no longer adhere to policies perceived as unilateral economic surrender in light of aggressive trade practices from other nations.Developments
The White House has circulated positive feedback regarding the new tariffs, claiming they will benefit American workers who have faced years of exploitation by trade partners, particularly China. Despite this, countries such as Russia, Cuba, and North Korea were notably absent from the list of those facing increased tariffs. U.S. Treasury Secretary Scott Bessent explained that the U.S. does not trade meaningfully with Russia and Belarus, both of which are already under sanctions.- Last year, trade between Russia and the U.S. amounted to $3.5 billion, a steep decline from $36 billion in 2021, prior to the conflict in Ukraine. - White House Press Secretary Karoline Leavitt confirmed that Russia was omitted from the list due to the lack of significant trade, while Cuba, Belarus, and North Korea were excluded because existing tariffs and sanctions were already substantial.
Currently, Russia is facing over 28,595 different Western sanctions, and it has classified its trade data since the war began. U.S. imports from Russia in 2024 are projected to be $3.0 billion, reflecting a 34.2% decrease compared to 2023. The biggest concern for Russia remains the broader impact of the tariff war, especially on global demand and oil prices.
The Russian central bank has alerted officials that both the U.S. and OPEC could potentially destabilize oil prices, recalling historical precedents that contributed to the fall of the Soviet Union.