President Donald Trump’s latest threat of a 100% tariff on Russia if no peace deal is reached in Ukraine within 50 days is drawing sharp criticism, and even mockery from leading economist Justin Wolfers.
What Happened: On Monday, in a post on X, Wolfers criticized Trump’s proposed move to bring an end to the war between Russia and Ukraine, by threatening “secondary tariffs” of 100% against Russia, if a resolution isn’t reached within the next 50 days.
Wolfers mocked the move, highlighting the fact that Russia was already under sanctions by the U.S., drastically limiting trade between the two nations, so any tariff figure would be irrelevant for Moscow at this point.
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“A 100% tariff on almost nothing will do almost nothing,” Wolfers says, sharing a chart featuring the drop in trade between the United States and Russia in recent years.
Wolfers attributes this to Trump’s need to look tough on Russia without actually having to do anything. “How to sound tough but do nothing: Impose tariffs on a country where we already impose sanctions,” he says.
Speaking to the media on Monday, Trump said, “we’ve spent $350 billion approximately on this war with Russia and Ukraine,” before emphasizing that it wasn’t his war, but former President Joe Biden’s.
Trump added that he wants to see it end, and that he was “disappointed in President Putin” because he thought they had a deal two months ago, “but it doesn’t seem to get there.”
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Why It Matters: According to data from the U.S. Census Bureau, trade with Russia dropped following the sanctions imposed in 2022, in response to the latter’s invasion of Ukraine.
Imports from Russia stood at $29.6 billion in 2021, before dropping to $14.4 billion in 2022, and all the way down to $3 billion in 2024. Currently, U.S. imports from the nation largely consist of critical goods such as low-enriched uranium, platinum group metals, nitrogenous and potassic fertilizers.
Last month, Russian President Vladimir Putin appreciated Trump for his efforts to help resolve the Russia-Ukraine conflict. Kremlin spokesperson, Dmitry Peskov, said, “President Putin sincerely appreciates Trump’s readiness to help find a solution to this ongoing crisis, as well as the efforts that he and his team are making. Such support is very significant.”
This week, Trump announced plans to supply Ukraine with Patriot missiles, following Putin’s resistance to ceasefire negotiations between Ukraine and Russia.
Image via Shutterstock/Rokas Tenys
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