President Donald Trump’s newest menace of a 100% tariff on Russia if no peace deal is reached in Ukraine inside 50 days is drawing sharp criticism, and even mockery from main economist Justin Wolfers.
What Occurred: On Monday, in a put up on X, Wolfers criticized Trump’s proposed transfer to carry an finish to the battle between Russia and Ukraine, by threatening “secondary tariffs” of 100% in opposition to Russia, if a decision isn’t reached inside the subsequent 50 days.
Wolfers mocked the transfer, highlighting the truth that Russia was already beneath sanctions by the U.S., drastically limiting commerce between the 2 nations, so any tariff determine can be irrelevant for Moscow at this level.
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“A 100% tariff on nearly nothing will do nearly nothing,” Wolfers says, sharing a chart that includes the drop in commerce between the US and Russia in recent times.
Wolfers attributes this to Trump’s must look powerful on Russia with out truly having to do something. “Methods to sound powerful however do nothing: Impose tariffs on a rustic the place we already impose sanctions,” he says.
Chatting with the media on Monday, Trump mentioned, “we’ve spent $350 billion roughly on this battle with Russia and Ukraine,” earlier than emphasizing that it wasn’t his battle, however former President Joe Biden’s.
Trump added that he desires to see it finish, and that he was “upset in President Putin” as a result of he thought they’d a deal two months in the past, “however it doesn’t appear to get there.”
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Why It Issues: In line with knowledge from the U.S. Census Bureau, commerce with Russia dropped following the sanctions imposed in 2022, in response to the latter’s invasion of Ukraine.
Imports from Russia stood at $29.6 billion in 2021, earlier than dropping to $14.4 billion in 2022, and all the best way all the way down to $3 billion in 2024. At the moment, U.S. imports from the nation largely encompass vital items reminiscent of low-enriched uranium, platinum group metals, nitrogenous and potassic fertilizers.
Final month, Russian President Vladimir Putin appreciated Trump for his efforts to assist resolve the Russia-Ukraine battle. Kremlin spokesperson, Dmitry Peskov, mentioned, “President Putin sincerely appreciates Trump’s readiness to assist discover a resolution to this ongoing disaster, as effectively because the efforts that he and his crew are making. Such assist may be very vital.”
This week, Trump introduced plans to provide Ukraine with Patriot missiles, following Putin’s resistance to ceasefire negotiations between Ukraine and Russia.
Picture through Shutterstock/Rokas Tenys
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