Overview

• President Trump has set a 50-day deadline for Russia to agree to a Ukraine ceasefire or face 100% secondary tariffs on countries that buy its oil
• Senators Lindsey Graham and Richard Blumenthal have sponsored legislation for up to 500% tariffs on foreign buyers of Russian energy but Congress awaits presidential approval before moving forward
• Analysts at the Center for Strategic and International Studies and other traders express deep skepticism that the administration will carry out steep secondary duties given the risk of spiking global oil prices
• Economic experts warn that enforcing such tariffs could push U.S. gasoline prices above $4 per gallon and drive up costs across manufacturing and consumer goods sectors
• Major importers, including Indian refiners, continue to purchase discounted Russian crude, reflecting doubt that the United States will enforce its tariff threats before the early September deadline