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US President Donald Trump threatened to impose stiff financial penalties on Russia if it does not end hostilities with Ukraine, while pledging fresh weapons supplies for Kyiv.
“We’re going to be doing very severe tariffs if we don’t have a deal in 50 days, tariffs at about 100%,” Trump said Monday during a meeting with NATO Secretary General Mark Rutte at the White House.
Trump said the levies would come in the form of “secondary tariffs,” without providing details. The US president has used the term in the past to describe duties imposed on countries for trading with American adversaries.
Asked later if Trump meant to refer to the more widely known tool “secondary sanctions,” Commerce Secretary Howard Lutnick told reporters that sanctions and tariffs were “both tools in his toolbox” and that “you can do either one.” A White House official said Russia could face both measures if it fails to sign a ceasefire deal by early September.
Today's show features:
- Angela Stent, Senior Fellow at the Brookings Institution, on President Donald Trump latest military and economic threats against Russia as the War in Ukraine shows no signs of abating
- Bloomberg News Senior Technology Reporter Dana Hull on Elon Musk’s xAI ambitions using Tesla as a funding source
- Bloomberg News Federal Reserve Reporter Amara Omeokwe on President Donald Trump and his allies criticizing Jerome Powell's handling of the Federal Reserve's headquarters renovation
- Daniel Florness, CEO of Fastenal on earnings and the state of US manufacturing
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