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By Kate Nalepinski
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President Donald Trump issued a warning to Russia on Monday, threatening "very severe tariffs" if a peace agreement to end the war with Ukraine isn't reached within 50 days.
Speaking during an Oval Office meeting with NATO Secretary General Mark Rutte, Trump said the new penalties would include "secondary tariffs" designed to target countries and companies that continue doing business with Russia.
What We Know: U.S. and Russia Trade
U.S. imports from Russia totaled $3 billion in 2024, a 34 percent decrease from the previous year, according to the United States Trade Representative. The drop continues a decline in trade that began following Russia's invasion of Ukraine on February 24, 2022.
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Data from the U.S. Census Bureau shows that monthly imports from Russia reached a high of $438.5 million in May 2024.
While some energy products have disappeared from import lists under sanctions, a small group of critical non-energy commodities, like fertilizers, metals and chemicals, still enter the U.S. from Russia.
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Trump Threatens 'Secondary Tariffs' for Russia
Trump's proposed "secondary tariffs" would likely expand the impact of U.S. sanctions by pressuring third-party nations, like China and Turkey, to stop trading with Russia.
Trump's remarks come as Russian strikes on Ukrainian cities have intensified.
"We're going to be doing very severe tariffs if we don't have a deal in 50 days," Trump said. "I use trade for a lot of things. But it's great for settling wars."
What Does the U.S. Import from Russia?
Before sanctions cut off most energy imports, the U.S. relied heavily on Russia for crude oil. In 2024, however, the top U.S. imports included:
- Fertilizers: Among the most significant remaining imports, fertilizers were the most-imported item to the U.S. from Russia throughout most of 2024, per Statista.
- Non-ferrous metals, or metals that do not contain iron like palladium and aluminum, totaled $876.5 million in imports in 2024.
- Inorganic Chemicals: Contributed more than $683 million to 2024 import totals.
How Much Does the U.S. Export to Russia?
U.S. exports to Russia fell to $526 million in 2024, a 12.3 percent drop from 2023, per the United States Trade Representative.
The U.S. trade deficit with Russia was $2.5 billion in 2024, a $1.5 billion decrease over 2023.
What Happens Next
Trump's 50-day deadline for a peace agreement with Ukraine, coupled with the threat of new tariffs could escalate trade restrictions if no progress is made.
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