Overview

• Trump issued a 50-day deadline threatening 100% secondary tariffs on any nation trading with Russia if Moscow does not agree to a cease-fire and peace talks
• Russian officials dismissed the tariff threat as theatrical and Moscow’s stock exchange rose 2.7% while the ruble strengthened after the announcement
• NATO leaders secured commitments to purchase and deploy Patriot air defense batteries for Ukraine under a new funding arrangement
• Secretary-General Mark Rutte and Latvian Foreign Minister Baiba Braže warned China, India and Brazil that continued Russian trade could expose them to U.S. penalties
• Industry experts warn that full implementation of sweeping secondary tariffs could inflict severe U.S. economic pain and trigger global oil price spikes, casting doubt on their feasibility