
US President Donald Trump is using tariffs as a universal foreign policy tool, extending its use to persuade Russia to agree to a ceasefire.
This new approach involves taking action against India to pressure Russia.
While the move is unconventional, the British media outlet BBC has reported that the Trump administration may be putting itself at political and economic risk.
Trump’s plan is to take action against anyone who imports oil from Russia.
As part of this strategy, an additional 25% tariff was imposed on India for the first time on Wednesday, which is considered to be Trump's first financial sanction against Russia.
The BBC report states that Trump's tariffs will put some pressure on Russia's economy, as an end to its oil exports would make it difficult to cover the costs of the war.
However, the Kremlin has already announced that Moscow is prepared to handle any damage caused by Trump's measures.
Meanwhile, Trump's actions against Russia's allies could lead to an increase in global oil prices, which would also hurt the United States.
Additionally, with the midterm congressional elections approaching next year, Trump could face a political crisis.
The BBC report also expresses concern that these actions could complicate efforts to secure trade deals with China and India.
Eugene Rumer, a former US intelligence analyst for Russia and director of the Russia and Eurasia program at the Carnegie Endowment for International Peace, believes the chances of Putin agreeing to a ceasefire due to Trump's tariff and sanction threats are "close to zero."
He added that while it would be a major blow to Moscow if India and China stopped buying Russian oil, it won't happen because China has already indicated it will continue to buy Russian oil.
Kimberly Donovan, a former US Treasury official, said that imposing tariffs could damage US bilateral and trade relations with India and China.
The BBC report also noted that thousands of jobs were lost in Canada in July.
Statistics Canada announced on Friday that this has led to the labor market falling to its lowest point in eight months compared to the previous month.
40,800 jobs were lost in July, following a gain of 83,000 in June. However, the unemployment rate has stabilized at a multi-year high of 6.9%.
The report added that Trump’s tariffs on steel, aluminum, and cars have severely damaged Canada's manufacturing sector and halted company hiring.
The number of people employed in the manufacturing sector dropped by nearly 10,000 on an annual basis in July, as sectors related to steel, aluminum, and car manufacturing reduced hiring and workers faced layoffs.
The BBC report concludes by noting that there isn't a day that goes by without Trump proudly stating that the US government is collecting a record amount of revenue since he increased tariffs on almost all imported goods.
Trump said on Friday, regarding tariff revenue, that a lot of money is coming in—more than has ever been collected in the country’s history.
A CNN report stated that Trump is not wrong.
According to data from the US Treasury Department, the US government collected almost $30 billion in tariff revenue in July, which is 242% more than in July of last year.
Trump had imposed a 10% tariff on almost all goods in April.




