The United States has suggested that the European Union follow Washington's example if the White House imposes 100% tariffs on buyers of Russian oil, according to US Treasury Secretary Scott Besent. "Any country who buys sanctioned Russian oil is going to be subject to up to 100% secondary tariffs.

"I urge our European allies, who have talked a big game, to follow us if we implement these secondary tariffs," U.S. Treasury Secretary Scott Bessent said.

President Trump’s plan to impose a 100 percent tariff on Russian goods could raise the cost of urea, a key fertilizer in corn and other row crops.

Last week, the European Union agreed on its 18th package of sanctions against Russia, which included a ban on the import of refined oil products derived from Russian crude. Whether this bolsters calls for the American government to do the same remains to be seen.

More than a dozen countries stand in the crosshairs of Trump's threat to impose 100% tariffs over their economic ties to Russia.

Graham is sponsoring a tough sanctions bill on Russia, which, if passed by Congress, would impose 500% tariffs on countries that purchase Russian oil, like China and India.

Crude oil futures were little changed on Friday on mixed U.S. economic and tariff news and worries about oil supplies following the European Union's latest sanctions against Russia for its war in Ukraine.

A three-day meeting in response to President Trump’s looming tariff threat underscored differences between the leaders of Canada’s provinces and territories.

President Donald Trump has announced new measures targeting Russia over its ongoing war in Ukraine, threatening steep tariffs if a peace deal isn't reached within 50 days.

As the two biggest economic targets in Donald Trump’s trade war, some analysts thought the European Union and China could move closer together and stake out common ground.

Treasury Secretary Scott Bessent said China’s dependence on Iranian and Russian oil is a key issue in upcoming trade talks.