President Donald Trump plans to impose tariffs on countries purchasing Russian oil, including China, India, and Brazil, Republican Senator Lindsey Graham said. “These countries buy about 80% of cheap Russian oil,

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.

"We are very unhappy, I am, with Russia," President Trump said while in a meeting with NATO Secretary General Mark Rutte.

To reduce its economic dependence on Russia, the EU has imposed higher tariffs on fertilisers and agricultural products. The aim is to reduce Russian revenue, but it could impact on food prices in the EU,

Donald Trump’s threat to sanction countries that buy Moscow’s fuel has many pitfalls. The US president could instead crush Russia’s $160 bln of oil revenue by persuading India to cut its purchases, convincing Saudi Arabia to pump more crude and slashing the G7 price cap.

Beijing’s remarks come after US Treasury Secretary Bessent said he expects to negotiate extension of President Trump’s tariff deadline with China - Anadolu Ajansı

Trump also revealed that Putin had recently offered to assist in mediating between Israel and Iran during their brief June conflict — an offer he declined. “I said, ‘No, no, you help me get a settlement with you, with Russia,’” Trump recounted. “And I think we're going to be doing that too.”

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.

US President Trump is antagonising friends and rivals alike, inadvertently reinforcing an anti-US bloc. It is quite possible that the world may be witnessing the unintended handover of global leadership from Washington to Beijing and Moscow.