Trump Administration Weighs Other Options To Hit Russia After Slapping Additional 25% Tariff On India: Report

The Trump administration is reportedly considering other options to hit Russia with after slapping India with an additional 25% tariff on Wednesday.

According to a Bloomberg report, President Trump is considering new sanctions on Russia’s shadow fleet of oil tankers as the U.S. looks to force Russian President Vladimir Putin to end the war in Ukraine ahead of the August 9 deadline given by the Trump administration.

In the administration’s line of sight are also the entities that operate Russia’s shadow fleet of oil tankers.

The report came after the Trump administration announced 25% additional tariffs on India for purchasing Russian crude oil. The new tariffs will go into effect 21 days from now, which brings the effective date to August 27.

For context, the 25% tariffs against India that President Trump announced last week are scheduled to go into effect overnight.

Earlier on Wednesday, U.S. envoy Steve Witkoff concluded a three-hour-long meeting with President Putin. While the outcome of the meeting is not known yet, the additional tariffs on India suggest a stalemate, or that the meeting yielded no positive results for the Trump administration.

Later, in a post on Truth Social, President Trump said Witkoff’s meeting with President Putin was “highly productive.”

“Great progress was made! Afterwards, I updated some of our European Allies. Everyone agrees this War must come to a close,” he said, adding that they will work towards ending the Russia-Ukraine conflict in the coming days and weeks.

On Tuesday, President Trump said he had a “productive” call with Ukrainian President Volodymyr Zelenskyy. During the call, Zelenskyy raised concerns about the increasing intensity of Russia’s attacks on Ukraine

Meanwhile, U.S. equities gained in Wednesday morning trade. At the time of writing, the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, was up 0.42%, while the Invesco QQQ Trust (QQQ) gained 0.58%. Retail sentiment around the S&P 500 ETF on Stocktwits was in the ‘neutral’ territory.

Also See: India Scrambles To Damage Control Mode After Trump Ramps Up Tariff Threats: Report

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