Trump warns Putin he'll be the next tariff target over the Ukraine war, but the US hardly has Russian imports to levy

• President Donald Trump said he'd impose high tariffs on Russia if it didn't end the Ukraine war soon.

• Trump said Wednesday that he'd also place more sanctions on Russia.

• US imports of Russian goods have collapsed, leaving Trump little economic leverage.

President Donald Trump said Wednesday that he'd impose high taxes, tariffs, and sanctions on Russia if its leader, Vladimir Putin, didn't end the Ukraine war soon.

The threat is largely symbolic because of the diminished trade between the US and Russia since its invasion began in 2022.

"I'm going to do Russia, whose Economy is failing, and President Putin, a very big FAVOR. Settle now, and STOP this ridiculous War!" Trump wrote in a post on his social media platform, Truth Social.

"IT'S ONLY GOING TO GET WORSE. If we don't make a 'deal,' and soon, I have no other choice but to put high levels of Taxes, Tariffs, and Sanctions on anything being sold by Russia to the United States, and various other participating countries," Trump added.

Trump promised during his campaign that upon his return to the White House, he would swiftly end Russia's devastating invasion. The grinding conflict, which is nearing its three-year mark, has reduced cities in Ukraine to rubble and killed and wounded hundreds of thousands of soldiers.

On the campaign trail, though, Trump left it unclear how his administration planned to bring Putin and Ukrainian President Volodymyr Zelenskyy to the negotiating table. Many war analysts said that getting the Russian leader to negotiate would be difficult while his forces were advancing.

Before the war, the US imported $29.7 billion worth of commodities from Russia, the majority of which was in oil, minerals, lime, and cement.

But this trade cratered after Putin launched a full-scale invasion of Ukraine, prompting the Biden administration to impose tariffs on many goods, metals, and Russian products.

In 2023, the US imported $4.57 billion worth of Russian goods, amounting to 0.14% of total imports that year, according to a breakdown of trade data from the US Census Bureau.

Nearly three years into the war, narrowing trade with Russia leaves the Trump administration with few tariffs to collect as it aims to force Putin's government into peace talks.

Sanctions are another matter, and the Trump administration appears ready to keep tightening the screws on Moscow's vital energy trade.

In his confirmation hearing last Thursday, Treasury Secretary nominee Scott Bessent criticized the Biden White House for a sanctions regime that was "not fulsome enough."

"I will be 100% on board with taking sanctions up — especially on the Russian oil majors — to levels that would bring the Russian Federation to the table," Bessent told lawmakers.

That could add more to pressure on Russia's economy, which has shown increasing signs of strain under the weight of sanctions as more time passes.

Inflation has been rising as Russia increases spending on its military and the lucrative contracts needed to recruit more soldiers. In response, Russia's central bank has hiked interest rates to a historic 21%, sparking protest among business leaders amid fear of rising bankruptcies and stagflation.

Existing sanctions, such as restrictions on Russian cargo vessels and the country's expulsion from the SWIFT financial network, have all contributed to the effect, forcing the Kremlin to tap last-resort support for its economy. The nation's liquid reserves have fallen to $31 billion, down from $117 billion in 2021.

Meanwhile, wartime conditions have contributed to an exodus of workers out of the country, while others have been sent to Ukraine to fight. That's left Russia dealing with a major labor shortage, that has pressured wage inflation higher.

Trump said in his Truth Social post that he was not looking to hurt Russia and that he had a good relationship with Putin. Hours after he was sworn into office on Monday, the US president said he was setting up a meeting with his Russian counterpart.

Throughout the war, Russia has also found ways to sidestep Western sanctions. For instance, Moscow has relied on its "shadow fleet" of vessels to move oil and circumvent embargoes on its energy exports.

Andy Kiersz, Business Insider's economic-data editor, contributed to this report.

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