Russian Foreign Ministry spokeswoman Maria Zakharova said on Thursday that rising trade tariffs carried risks for the economy of the United States and the whole world.

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.

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.

Bessent has called upon European allies to join the U.S. in implementing secondary tariffs on Russia should they fail to reach a peace agreement with Ukraine

Latest news and updates as Trump announces the U.S. will send Patriot missiles to Ukraine and meets with NATO's secretary general.

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.

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.

President Donald Trump warned Russia Monday that it may face "severe tariffs" if a peace deal with Ukraine isn't negotiated.

Russia did not have tariffs imposed "because we’re not doing business, essentially, with Russia, because they’re at war," Trump told reporters on April 7.

"He is not responsible for what the U.S. has been doing in Ukraine since 2014, making it 'anti-Russia' and preparing for the war with us, but it is in his power now to stop this malicious policy."

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.