The United States has suggested that the European Union follow Washington's example if the White House imposes 100% tariffs on buyers of Russian oil, according to US Treasury Secretary Scott Besent. "Any country who buys sanctioned Russian oil is going to be subject to up to 100% secondary tariffs.

President Trump’s plan to impose a 100 percent tariff on Russian goods could raise the cost of urea, a key fertilizer in corn and other row crops.

Graham is sponsoring a tough sanctions bill on Russia, which, if passed by Congress, would impose 500% tariffs on countries that purchase Russian oil, like China and India.

In a recent TV interview, US Senator Lindsey Graham made strong remarks about the role of countries like India, China, and Brazil in continuing to buy cheap Russian oil, calling it a major reason for the ongoing war in Ukraine.

Crude oil futures were little changed on Friday on mixed U.S. economic and tariff news and worries about oil supplies following the European Union's latest sanctions against Russia for its war in Ukraine.

As the two biggest economic targets in Donald Trump’s trade war, some analysts thought the European Union and China could move closer together and stake out common ground.

As tensions rise over US tariffs on Russian imports, South Africa reassures its trading community about its ties with Russia, revealing potential opportunities amidst global sanctions.

Russia did not have tariffs imposed "because we’re not doing business, essentially, with Russia, because they’re at war," Trump told reporters on April 7.

US Treasury Secretary Scott Bessent said the US is in no rush to forge deals for the sake of making deals. He added that the US is more interested in ensuring quality trade agreements even as August 1 tariff deadline looms for most countries.